Monopoly competition

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Monopoly competition

  1. 1. ECONOMICSASSIGNMENT
  2. 2. Consumer behavior and demandMICROECONOMICS
  3. 3. Forms of market
  4. 4. Forms of market structure Forms of market structure perfect competition imperfect competition Monopolistic competition oligopoly monopoly
  5. 5. PERFECT COMPETITIONVery large no. of buyers and sellersHomogeneous productFree entry and exit of firmPerfect knowledgePerfect mobilityAR( demand ) curve parallel to X- axisNo control over priceAbsence of transport cost
  6. 6. PERFECT COMPETITIONUnder perfect competition, price ofa commodity is determined by theinteraction of market demand andmarket supply of the wholeindustry.Firm is price taker and industry isprice maker.
  7. 7. AR and MR curves in perfectcompetition
  8. 8. Demand curve in perfectcompetition
  9. 9. Profit maximizing conditionPrice= MR at equilibrium, MR= MC
  10. 10. MONOPOLYSingle firmNo substitute productVery difficult entry of firmsPrice discriminationAR curve downward slopingGreat control over price
  11. 11. MONOPOLYMonopoly is a market situationwhere there is single firm sellingthe commodity and there is noclose substitute of the commoditysold by the monopolist.He is price maker.
  12. 12. TR, AR and MR under monopoly
  13. 13. Demand curve in monopoly
  14. 14. Profit maximizing conditionMR= MC and MC Is rising
  15. 15. MONOPOLISTIC COMPETITIONLarge no. of firmsDifferentiated productsFree entry and exitSelling cost- ( advertisement cost)AR curve downward slopingSome control over price
  16. 16. MONOPOLISTIC COMPETITIONMonopolistic competition refers toa market situation in which thereare many firms selling closelyrelated but differentiated products.
  17. 17. AR and MR curves inmonopolistic competition
  18. 18. Demand curve and profit maximization inmonopolistic competition
  19. 19. OLIGOPOLYFew firmsHomogeneous and differentiated productsDifficult entry of new firmsSelling cost- ( advertisement cost)AR and MR curve downward slopingPrice rigidityIndeterminate demand curve
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