Question: Market structures provide a model with which to compare the characteristics of real markets. A characteristic is a feature or quality belonging typically to a person, place, or thing and serving to identify them.
Some characteristics of a market include the number of firms, the nature of the goods, the existence of barriers to entry, the information available, the firms' ability to collude with each other, the firm's control over the price of the product, the demand curve the firm faces and whether the firm is able to make an economic profit in the long-run. Define the type of market structure prevailing in the South African grocery market with reference to the above characteristics.