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Market Structure

  • Direct search market

  • Least organized; buyers and sellers must find each other eg. Ad. In newspaper

  • Brokered market

  • Broker brings buyer and seller together for a fee eg. Real estate market

  • Dealer Markets

  • Make money from bid-ask spread

  • Buy and sell assets from their own inventory

  • Auction markets

  • Buyer and seller converge at one place

  • Only efficient if sufficient volume eg. Stock exchange

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