Abstract:
The chapter is structured as follows. The first section defines the four market types found in microeconomics and their main characteristics, including the hight of the barriers to entry found in each type. This is followed by a discussion on the question of product homogeneity in construction. Evidence for the existence and significance of barriers to entry in construction is found in concentration levels in the industry. Barriers to entry specific to construction are then identified, followed by a discussion on how they operate, which leads to an analysis of their significance (high, medium or low) in different market types. That analysis is the contribution this research makes to deepening our understanding of the construction industry.
