Monopoly Market Structure
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what is monopoly, its characteristics, probable cause & equilibrium price and output in short n long run. u can mail me ur views on rajeshkr.1128@gmail.com
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Monopolistic competition
Monopolistic competition is a market structure in which there are many firms selling differentiated products.
Market structure
The document discusses different types of market structures:
1) Monopolistic competition is characterized by many firms producing similar but differentiated products that are not perfect substitutes for one another. Firms compete by differentiating their products and set prices taking competitors' prices as given.
2) Perfect competition exists when many small firms produce identical products and are price takers. There are no barriers to entry or exit.
3) Monopoly is dominated by a single seller of a unique product without close substitutes. Monopolists can influence market prices.
4) Oligopoly has a small number of interdependent firms that recognize how each other's actions impact prices and market shares.
Perfect Competitive Market
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
Monopoly
This document outlines the key topics and objectives to be covered in a chapter on monopoly. The lecture plan will examine the nature and forms of monopoly markets. It will analyze the pricing and output decisions of monopolists in the short run and long run. Additionally, it will explore multi-plant monopolies, price discrimination, and the degrees to which monopolies can engage in price discrimination. The objectives are to understand the emergence of monopoly power through barriers to entry, and analyze the economic inefficiency that monopolies create.
Oligopoly
This document discusses pricing under oligopoly and provides classifications and models of oligopoly. It defines oligopoly as a market with a few sellers dealing in homogeneous or differentiated products. Oligopoly can be classified based on the nature of products, entry of firms, price leadership, agreements between firms, and coordination between firms. Models of non-collusive oligopoly discussed include Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models which make different assumptions around firms' outputs and pricing decisions.
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Monopolistic competition is a market structure in which there are many firms selling differentiated products.
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The document discusses different types of market structures:
1) Monopolistic competition is characterized by many firms producing similar but differentiated products that are not perfect substitutes for one another. Firms compete by differentiating their products and set prices taking competitors' prices as given.
2) Perfect competition exists when many small firms produce identical products and are price takers. There are no barriers to entry or exit.
3) Monopoly is dominated by a single seller of a unique product without close substitutes. Monopolists can influence market prices.
4) Oligopoly has a small number of interdependent firms that recognize how each other's actions impact prices and market shares.
Perfect Competitive Market
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
Monopoly
This document outlines the key topics and objectives to be covered in a chapter on monopoly. The lecture plan will examine the nature and forms of monopoly markets. It will analyze the pricing and output decisions of monopolists in the short run and long run. Additionally, it will explore multi-plant monopolies, price discrimination, and the degrees to which monopolies can engage in price discrimination. The objectives are to understand the emergence of monopoly power through barriers to entry, and analyze the economic inefficiency that monopolies create.
Oligopoly
This document discusses pricing under oligopoly and provides classifications and models of oligopoly. It defines oligopoly as a market with a few sellers dealing in homogeneous or differentiated products. Oligopoly can be classified based on the nature of products, entry of firms, price leadership, agreements between firms, and coordination between firms. Models of non-collusive oligopoly discussed include Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models which make different assumptions around firms' outputs and pricing decisions.
Monopoly
There is a single seller of a product with no close substitutes and barriers to entry in a monopoly market. A monopoly is characterized by a single firm that is both the industry and controls the supply of the product, allowing it to be a price maker. Barriers that can cause monopolies include controlling raw materials, patents, large capital requirements, government licenses, and mergers eliminating competitors. Under monopoly, the firm's demand curve is also the industry demand curve and equals the average revenue curve, both of which slope downward. The marginal revenue curve also slopes downward and lies below the average revenue curve.
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1) A monopoly is a market structure with a single seller of a product without close substitutes.
2) The key characteristics of a monopoly are that it is the sole price maker and faces a downward sloping demand curve, unlike competitive firms which are price takers.
3) Barriers to entry, such as government licenses, large economies of scale, or ownership of key resources allow monopolies to exist by preventing competition from entering the market.
monopoly
This document presents information about monopoly, including definitions, features, types, and price determination under short-run and long-run conditions. It was submitted by a group of students to Dr. Ashish Pareek. Monopoly is defined as a market situation where there is a single seller of a product without close substitutes. Key features include one seller facing many buyers, restrictions on entry of new firms, and the seller being a price maker. The document also discusses monopoly's demand and revenue curves, and how a monopolist may earn super normal profits, normal profits, or face minimum losses in the short-run depending on costs and revenues.
Monopolistic Competition
1) Monopolistic competition describes an imperfect market structure where many small businesses produce differentiated products. Examples include coffee shops, hair salons, and pizza delivery services.
2) In the short run, firms in monopolistically competitive markets can earn supernormal profits by producing at a quantity where marginal cost equals marginal revenue. In the long run, free entry and exit of competitors drives profits down to normal levels.
3) Monopolistically competitive markets are not perfectly efficient. Prices exceed marginal costs, leading to allocative inefficiency. Advertising spending may also represent an inefficient use of resources.
Market structure oligopoly
- Oligopoly is characterized by a few large sellers that dominate a market. The decisions of each seller impact and are impacted by competitors.
- Under the Cournot model, two sellers of homogeneous products will each produce 1/3 of total market output and charge the same price to reach an equilibrium.
- The kinked demand curve model explains price rigidity in oligopolies. Each firm believes rivals will match price cuts but not increases, giving the demand curve a "kink" where it is inelastic below and elastic above the prevailing price. This removes incentives for firms to change prices.
Duopoly
This document provides an overview of duopoly, which is defined as a market situation where two companies control nearly all of the market for a given product or service. Key points made include:
- A duopoly has two firms that have strong price control and create barriers to entry for new competitors.
- Advantages can include close competition between the two firms, but disadvantages include the difficulty of new firms entering the market and a potential lack of innovation.
- Examples given of duopolies include Boeing and Airbus in passenger airplanes, and Amazon and Apple in e-books.
Monopoly
The document discusses key aspects of monopoly markets including:
- A monopoly is defined as a single seller of a product without close substitutes that controls the entire market.
- Features of monopoly include barriers to entry that allow the firm to be a price maker and make independent output decisions.
- Monopolies can maximize profits in the short run but aim for normal profits in the long run to deter new competition.
- Monopolies are economically inefficient as they produce at lower output levels than would be optimal, resulting in deadweight loss.
Monopoly
The document discusses monopolies and how they differ from competitive firms. It defines a monopoly as a sole seller of a product without close substitutes, allowing it to be a price maker. Monopolies arise due to barriers to entry like owning key resources, patents, or economies of scale. As the sole producer, a monopoly faces a downward sloping demand curve and sets price based on where marginal revenue equals marginal cost to maximize profits. The government regulates monopolies to prevent excessive prices and deadweight loss through antitrust laws.
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A monopoly market is characterized by a single seller and no close substitutes for the product. Definitions provided state that a pure monopoly exists when there is only one producer for a product with no direct competitors. Reasons for monopoly include ownership of key resources, government franchises, and intellectual property protections like patents.
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Monopoly
- A monopoly is a sole seller in a market that faces a downward-sloping demand curve. It is a price maker unlike competitive firms.
- A monopoly maximizes profits by producing where marginal revenue equals marginal cost and charging a price above marginal cost.
- This results in a lower quantity and higher price than would be socially optimal, causing deadweight loss.
- Governments address monopoly power through antitrust laws, regulation, or public ownership to increase competition and efficiency.
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Monopoly is a market situation where there is only one seller of a product or service with no close substitutes. A monopoly firm is a price maker that can determine prices to maximize profits. Under monopoly, the demand curve is the average revenue curve, which slopes downward. Marginal revenue is also downward sloping. In the short run, a monopoly can earn super-normal profits, normal profits, or minimize losses. In the long run, monopoly equilibrium occurs where marginal revenue equals marginal cost. A monopoly may also engage in price discrimination, charging different prices to different customers to increase total revenue and profits.
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Monopoly market
- A monopoly market is characterized by a single seller of a unique product without close substitutes. Barriers to entry like government protections, large economies of scale, or exclusive ownership of resources allow monopolies to exist.
- A monopoly is both the firm and the industry and is the price maker. It faces a downward sloping demand curve where price exceeds marginal revenue. The profit-maximizing quantity is where marginal revenue equals marginal cost.
- At this quantity, the monopoly sets the highest price that demand allows. If price exceeds average total cost, the monopoly earns economic profits. In the long run, only monopolies that earn super-normal profits can remain in business.
Monopoly market structure
A monopoly is characterized by a single firm controlling the entire market for a good or service with no close substitutes. This allows the firm to set prices without competition. While monopolies can benefit from economies of scale, they also restrict output to raise prices and profits, resulting in an inefficient allocation of resources and loss of consumer welfare. Modern examples include electricity distribution networks and Google's dominance as a search engine.
Oligopoly
An oligopoly is a market structure with a small number of firms that dominate the market. There are barriers to entry that prevent new competition. Each firm recognizes their interdependence and that their actions impact rivals. This can lead to collusion, market sharing, or complex strategic interactions modeled using game theory. Oligopolies may produce homogeneous goods like steel or differentiated goods like cars. They tend to compete on non-price factors more than price. Common oligopoly models include the dominant firm model, Cournot-Nash model, and Bertrand model.
Oligopoly
Oligopoly is a market structure with a small number of firms producing similar or identical products. Barriers to entry, both natural and legal, limit competition and allow firms to be interdependent. With few competitors, oligopolistic firms are aware of and influence each other through pricing decisions. They may cooperate through explicit or implicit collusion like cartels to increase profits, though cartels are illegal. Models like the kinked demand curve and dominant firm theory explain oligopolistic behavior and pricing.
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The document discusses different types of markets and monopoly. It defines monopoly as a market with a single seller and no close substitutes for the product. The document presents three cases of monopoly and provides graphs of monopoly revenue and marginal revenue curves. It concludes with a references section.
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Monopoly is defined as a market situation where there is a single seller with complete control over an industry. Key features of monopoly include a single seller, price discrimination, lack of close substitutes, and restricted market entry. True monopolies generally exist in government controlled markets or through legal barriers like patents and copyrights that provide opportunities to monopolize a market. The Tata Nano is an example of a monopoly in its market segment as Tata is the only seller and there are no close substitutes, along with barriers to entry.
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Monopoly
There is a single seller of a product with no close substitutes and barriers to entry in a monopoly market. A monopoly is characterized by a single firm that is both the industry and controls the supply of the product, allowing it to be a price maker. Barriers that can cause monopolies include controlling raw materials, patents, large capital requirements, government licenses, and mergers eliminating competitors. Under monopoly, the firm's demand curve is also the industry demand curve and equals the average revenue curve, both of which slope downward. The marginal revenue curve also slopes downward and lies below the average revenue curve.
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An Engineering & Managerial Economics presentation on Price Determination, topics covered were price determination under Perfect Competition, Monopoly, Duopoly and Oligopoly.
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1) A monopoly is a market structure with a single seller of a product without close substitutes.
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3) Barriers to entry, such as government licenses, large economies of scale, or ownership of key resources allow monopolies to exist by preventing competition from entering the market.
monopoly
This document presents information about monopoly, including definitions, features, types, and price determination under short-run and long-run conditions. It was submitted by a group of students to Dr. Ashish Pareek. Monopoly is defined as a market situation where there is a single seller of a product without close substitutes. Key features include one seller facing many buyers, restrictions on entry of new firms, and the seller being a price maker. The document also discusses monopoly's demand and revenue curves, and how a monopolist may earn super normal profits, normal profits, or face minimum losses in the short-run depending on costs and revenues.
Monopolistic Competition
1) Monopolistic competition describes an imperfect market structure where many small businesses produce differentiated products. Examples include coffee shops, hair salons, and pizza delivery services.
2) In the short run, firms in monopolistically competitive markets can earn supernormal profits by producing at a quantity where marginal cost equals marginal revenue. In the long run, free entry and exit of competitors drives profits down to normal levels.
3) Monopolistically competitive markets are not perfectly efficient. Prices exceed marginal costs, leading to allocative inefficiency. Advertising spending may also represent an inefficient use of resources.
Market structure oligopoly
- Oligopoly is characterized by a few large sellers that dominate a market. The decisions of each seller impact and are impacted by competitors.
- Under the Cournot model, two sellers of homogeneous products will each produce 1/3 of total market output and charge the same price to reach an equilibrium.
- The kinked demand curve model explains price rigidity in oligopolies. Each firm believes rivals will match price cuts but not increases, giving the demand curve a "kink" where it is inelastic below and elastic above the prevailing price. This removes incentives for firms to change prices.
Duopoly
This document provides an overview of duopoly, which is defined as a market situation where two companies control nearly all of the market for a given product or service. Key points made include:
- A duopoly has two firms that have strong price control and create barriers to entry for new competitors.
- Advantages can include close competition between the two firms, but disadvantages include the difficulty of new firms entering the market and a potential lack of innovation.
- Examples given of duopolies include Boeing and Airbus in passenger airplanes, and Amazon and Apple in e-books.
Monopoly
The document discusses key aspects of monopoly markets including:
- A monopoly is defined as a single seller of a product without close substitutes that controls the entire market.
- Features of monopoly include barriers to entry that allow the firm to be a price maker and make independent output decisions.
- Monopolies can maximize profits in the short run but aim for normal profits in the long run to deter new competition.
- Monopolies are economically inefficient as they produce at lower output levels than would be optimal, resulting in deadweight loss.
Monopoly
The document discusses monopolies and how they differ from competitive firms. It defines a monopoly as a sole seller of a product without close substitutes, allowing it to be a price maker. Monopolies arise due to barriers to entry like owning key resources, patents, or economies of scale. As the sole producer, a monopoly faces a downward sloping demand curve and sets price based on where marginal revenue equals marginal cost to maximize profits. The government regulates monopolies to prevent excessive prices and deadweight loss through antitrust laws.
Monopolistic competition basic things
Monopolistic competition describes a market structure with many small businesses that sell differentiated but similar products. While firms compete on price, they also engage in non-price competition through product differentiation, branding, and advertising. In the short run, firms maximize profits by producing where marginal revenue equals marginal cost. In the long run, free entry and exit causes average costs to equal prices as firms earn zero economic profit.
Price discrimination
This document defines and provides examples of price discrimination. It discusses that price discrimination means selling the same product at different prices to different buyers. It provides examples of air ticket prices being lower when booked further in advance and movie theaters charging different ticket prices. The document also outlines the main types of price discrimination including by income, product nature, age, time, geography, and product use. It discusses conditions needed for price discrimination, including different demand elasticities among buyer groups and the ability to segment markets.
Monopoly market a brief study for MBA
A monopoly market is characterized by a single seller and no close substitutes for the product. Definitions provided state that a pure monopoly exists when there is only one producer for a product with no direct competitors. Reasons for monopoly include ownership of key resources, government franchises, and intellectual property protections like patents.
Key features of monopoly markets are that there is a single seller with complete control over supply, no close substitutes, barriers to entry, and the monopolist is a price maker. Monopolies may exist in different forms like perfect, imperfect, public, or discriminating monopolies. Monopolists determine price and output levels by analyzing marginal revenue, marginal cost, total revenue and total cost curves to find the
Monopoly
- A monopoly is a sole seller in a market that faces a downward-sloping demand curve. It is a price maker unlike competitive firms.
- A monopoly maximizes profits by producing where marginal revenue equals marginal cost and charging a price above marginal cost.
- This results in a lower quantity and higher price than would be socially optimal, causing deadweight loss.
- Governments address monopoly power through antitrust laws, regulation, or public ownership to increase competition and efficiency.
Monopoly
Monopoly is a market situation where there is only one seller of a product or service with no close substitutes. A monopoly firm is a price maker that can determine prices to maximize profits. Under monopoly, the demand curve is the average revenue curve, which slopes downward. Marginal revenue is also downward sloping. In the short run, a monopoly can earn super-normal profits, normal profits, or minimize losses. In the long run, monopoly equilibrium occurs where marginal revenue equals marginal cost. A monopoly may also engage in price discrimination, charging different prices to different customers to increase total revenue and profits.
Factor pricing Theory.pdf
This PPT contains matter of Factor Pricing theory for Managerial economics/Business economics/Micro economics students.
Monopoly market
- A monopoly market is characterized by a single seller of a unique product without close substitutes. Barriers to entry like government protections, large economies of scale, or exclusive ownership of resources allow monopolies to exist.
- A monopoly is both the firm and the industry and is the price maker. It faces a downward sloping demand curve where price exceeds marginal revenue. The profit-maximizing quantity is where marginal revenue equals marginal cost.
- At this quantity, the monopoly sets the highest price that demand allows. If price exceeds average total cost, the monopoly earns economic profits. In the long run, only monopolies that earn super-normal profits can remain in business.
Monopoly market structure
A monopoly is characterized by a single firm controlling the entire market for a good or service with no close substitutes. This allows the firm to set prices without competition. While monopolies can benefit from economies of scale, they also restrict output to raise prices and profits, resulting in an inefficient allocation of resources and loss of consumer welfare. Modern examples include electricity distribution networks and Google's dominance as a search engine.
Oligopoly
An oligopoly is a market structure with a small number of firms that dominate the market. There are barriers to entry that prevent new competition. Each firm recognizes their interdependence and that their actions impact rivals. This can lead to collusion, market sharing, or complex strategic interactions modeled using game theory. Oligopolies may produce homogeneous goods like steel or differentiated goods like cars. They tend to compete on non-price factors more than price. Common oligopoly models include the dominant firm model, Cournot-Nash model, and Bertrand model.
Oligopoly
Oligopoly is a market structure with a small number of firms producing similar or identical products. Barriers to entry, both natural and legal, limit competition and allow firms to be interdependent. With few competitors, oligopolistic firms are aware of and influence each other through pricing decisions. They may cooperate through explicit or implicit collusion like cartels to increase profits, though cartels are illegal. Models like the kinked demand curve and dominant firm theory explain oligopolistic behavior and pricing.
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The document discusses different types of markets and monopoly. It defines monopoly as a market with a single seller and no close substitutes for the product. The document presents three cases of monopoly and provides graphs of monopoly revenue and marginal revenue curves. It concludes with a references section.
Monopoly ppt
Monopoly is defined as a market situation where there is a single seller with complete control over an industry. Key features of monopoly include a single seller, price discrimination, lack of close substitutes, and restricted market entry. True monopolies generally exist in government controlled markets or through legal barriers like patents and copyrights that provide opportunities to monopolize a market. The Tata Nano is an example of a monopoly in its market segment as Tata is the only seller and there are no close substitutes, along with barriers to entry.
Monopolistic competition in short run
Monopolistic competition is an imperfect market structure where many firms sell differentiated products. While the products are substitutes, they are not identical like in perfect competition. Firms have some degree of market power over their differentiated products. In monopolistic competition, there are many sellers, free entry and exit, and products are differentiated but still substitutable. Examples include apartments, books, bottled water, and clothing. In the short run, firms may earn profits or losses depending on whether their price is above or below average total cost, with profits attracting new entrants and losses causing some firms to exit.
Oligopoly
There are several key characteristics of oligopolies:
- They consist of a small number of mutually interdependent firms. Each firm must consider the reactions of other firms to its decisions.
- They exhibit both competition and potential cooperation between firms. Firms may engage in strategic decision-making and pricing based on competitors' expected responses.
- There is no single model of oligopoly behavior. Behavior may range from competitive pricing under contestable market models to monopoly-like pricing under cartel models.
Monopoly market structure
This document discusses monopolies and the barriers to entry that allow them to exist. It defines a monopoly as a single supplier of a product with no close substitutes. Monopolies arise due to barriers like economies of scale, actions by firms to keep out competitors, and government barriers like patents. Economies of scale can occur when larger production lowers costs, preventing entry by smaller competitors. Firms may own essential resources or inventions that block entry. Governments grant legal monopolies through patents. Regulated monopolies exist in limited geographic areas and are overseen by regulatory entities like the Florida Public Service Commission.
Market structure in English
The document summarizes different market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It defines each structure and provides examples of characteristics like number of sellers, product differentiation, barriers to entry, profit levels, and pricing behavior. Perfect competition has many small sellers of identical products, while monopoly has a single seller of unique products. Monopolistic competition and oligopoly involve intermediate levels of competition between differentiated products.
Monopolistic Equilibrium in short and long run
In the short run, a monopolistically competitive firm will produce at the quantity where marginal cost equals marginal revenue to maximize profits. This occurs at a price above average cost, resulting in abnormal profits. In the long run, entry of new firms shifts individual demand curves down and costs curves up, eliminating abnormal profits so firms only earn normal profits where price equals average cost, establishing equilibrium.
Market Structure- Micro Economics
The selling environment in which a firm produces and sells its product is called a market structure.*
Defined by three characteristics:
The number of firms in the market
The ease of entry and exit of firms
The degree of product differentiation
The market structure
Market structure identifies how competitive a market is based on factors like the number of firms, nature of products, degree of monopoly power, and barriers to entry. It ranges from perfect competition on the highly competitive end to pure monopoly on the less competitive end. The further right on the scale, the greater the monopoly power of firms. Market structure models are representations of reality that help analyze industry competition levels and firm behavior.
Market structure and its features
The document discusses market structure under perfect competition. It begins by defining key terms like market, market structure, and the two types of market structures - perfect competition and imperfect competition.
Under perfect competition, the market has several characteristics - homogeneous products, free entry and exit of firms, perfect information, and firms being price takers. The demand curve for an individual firm is horizontal, as it is a price taker. Equilibrium occurs where MR=MC and firms earn only normal profits in the long run. Changes in demand or supply can shift the equilibrium.
The document then discusses monopoly as an example of imperfect competition. Under monopoly there is a single seller, barriers to entry, no close substitutes, and
PRODUCTION CONCEPT
This document discusses production economics and production functions. It defines a production function as relating the maximum output that can be produced from a given set of inputs. It then discusses the concepts of marginal product and average product in both numerical and graphical examples. It introduces the law of diminishing returns and three stages of production. Finally, it discusses long-run production functions and isoquants, and introduces the Cobb-Douglas production function.
Market Structure
The document discusses different market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Under perfect competition, there are many small firms and buyers, products are identical, price is uniform, and there is free entry and exit into the market. A monopoly has a single seller, barriers to entry, no substitutes for its product, and the ability to influence prices. Monopolistic competition has many firms that sell differentiated but similar products and engage in non-price competition like advertising.
Marketing Structure
This presentation is made for " Introduction to business" course. It is about Types of competitions in sales market or Market Structure which has 4 types ; Perfect, Monopolistic, Oligopoly, and Monopoly. It includes case study of " Wal-Mart " as well. ( but i'm not sure if it's accurate )
File Format : PPTX Power Point 2007 or Higher.
Miss Nannapat K. ( MUM )
Tim3flies
Economies & diseconomies of scale
This document discusses economies and diseconomies of scale. It defines economies of scale as cost advantages that a business obtains due to expansion and increased production. As production increases, unit costs can decrease due to factors like more division of labor, use of specialized machinery, and spreading fixed costs over more units. However, further expansion can also lead to diseconomies of scale as coordination and communication issues increase within larger firms. Internal economies benefit individual firms, while external economies benefit entire industries through things like infrastructure improvements. The optimal scale of production balances these economies and diseconomies of scale.
Demand And Change In Demand
Demand refers to the desire, ability, and willingness of consumers to purchase a product at a given price. The demand schedule lists the quantity demanded at all possible prices, while the demand curve graphically depicts the relationship between price and quantity demanded according to the law of demand - which states that as price increases, demand decreases and vice versa. Changes in demand factors such as income, tastes, prices of substitutes or complements can cause the demand curve to shift left or right.
Long run for monopoly
1. The document explains the long-run equilibrium for a monopoly, including how changes in demand and supply impact the market structure.
2. It discusses three scenarios for a monopoly making supernormal profits: an increase in demand increases output and profits; an increase in costs decreases output and profits; and an increase in fixed costs eliminates supernormal profits.
3. For each scenario, the document uses diagrams to show how the relevant curves shift and how the monopoly should adjust its output level to maximize profits.
Monopoly - Profit-Maximization in Monopoly - Economics
Monopoly Economics
A monopoly (from Greek μόνος mónos ["alone" or "single"] and πωλεῖν pōleîn ["to sell"]) exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few sellers dominating a market).[2] Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit.[3] The verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices.[4] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[4]
A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations in which one or a few entities have market power and therefore interact with their customers (monopoly or oligopoly), or suppliers (monopsony) in ways that distort the market.[citation needed]
Monopolies can be established by a government, form naturally, or form by integration.
In many jurisdictions, competition laws restrict monopolies. Holding a dominant position or a monopoly in a market is often not illegal in itself, however certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. A government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state, often to provide an incentive to invest in a risky venture or enrich a domestic interest group. Patents, copyrights, and trademarks are sometimes used as examples of government-granted monopolies. The government may also reserve the venture for itself, thus forming a government monopoly
Market Structure
The document discusses the history and development of the electricity market in the Philippines. It describes how Manila Electric Company (Meralco) was established in 1903 after being granted a franchise by the Philippine government to operate an electric street railway and provide electric power in Manila and surrounding areas. Meralco grew to dominate the electricity market, providing both transportation via streetcars and the primary electric power supply. Over time, Meralco's revenues shifted from transportation to focus mainly on electricity as its core business.
Diminishing law return
Diminishing marginal returns refers to how the marginal production of a factor of production starts to progressively decrease as the factor is increased, in contrast to the increase that would otherwise be normally expected. As additional units of a variable input like labor are added to a fixed input like factory size, each additional unit yields smaller increases in output and reduces worker productivity. Producing each additional unit of output also costs increasingly more. This concept is also known as the law of diminishing marginal returns or the law of increasing relative cost.
Production function ppt in economics
1. A production function shows the maximum output that can be produced from a given set of inputs over a period of time. It can be expressed as an equation, table, or graph.
2. The Cobb-Douglas production function is an important example that was formulated by Paul Douglas and Charles Cobb. It expresses output as a power function of labor and capital inputs.
3. The law of variable proportions states that as one variable input is increased, initially average and marginal products will increase until diminishing returns set in, after which average and marginal products will decrease.
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Agri 2312 chapter 9 market equilibrium and product price imperfect competition
This document summarizes different market structures and concepts related to imperfect competition. It discusses monopolistic competition, oligopolies, and monopolies as types of imperfect competitors in selling. It also covers monopsonies, oligopsonies, and monopsonistic competition as types of imperfect competitors in buying. The key characteristics and profit-maximizing behavior of each market structure are described. The document also provides examples of imperfect competition in agricultural input and output markets, and discusses some governmental regulatory measures used to address the adverse effects of imperfect competition.
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A monopoly is a firm that is the sole seller of a product without close substitutes and has market power to influence prices. Monopolies can arise when a firm owns a key resource, the government grants exclusive rights, or large setup costs create natural monopolies. A profit-maximizing monopoly produces where marginal revenue equals marginal cost and charges a price corresponding to the height of the demand curve. This results in deadweight loss since the monopoly underproduces relative to the socially efficient quantity where price equals marginal cost. Governments address monopolies through antitrust laws, regulation, public ownership, or sometimes doing nothing. Price discrimination allows monopolies to further extract consumer surplus and may increase efficiency by eliminating deadweight loss if buyers can be
a Economics Gr. 12 Monopoly Presentation.pdf
1) The document discusses monopoly as a market structure characterized by a single seller of a unique product or service with significant barriers to entry.
2) Under monopoly, output is lower and prices are higher than under perfect competition, resulting in inefficient production. A monopolist faces a downward-sloping demand curve and sets price along the curve.
3) The monopolist maximizes profits by producing at the quantity where marginal revenue equals marginal cost, resulting in economic profits as average revenue exceeds average costs. The monopoly can earn economic profits even in the long run due to barriers to entry.
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This document discusses monopoly markets. It defines a monopoly as a single seller or producer having complete control over the market for a good or service, with no close substitutes. It notes that monopolies arise due to legal, strategic, or natural barriers to entry. The monopoly firm is a price maker and can engage in price discrimination. It maximizes profits by producing at the quantity where marginal revenue equals marginal cost. Monopolies cause welfare losses but these can be addressed through antitrust laws, price regulation, or government ownership.
Monopoly
- A monopoly is a market structure with a single firm that produces all or nearly all of the supply of a good or service. As the sole supplier, a monopoly has complete control over pricing and output decisions.
- A monopoly faces a downward sloping demand curve and sets price based on where marginal revenue equals marginal cost to maximize profits. This generally results in the monopoly producing a smaller quantity and charging a higher price than would occur under perfect competition.
- Barriers to entry like patents, large economies of scale, and predatory pricing allow monopolies to sustain profits over time by preventing other firms from entering the market and competing away those above-normal profits.
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This document discusses monopoly market structure. A monopoly exists when a single firm is the sole producer of a product with no close substitutes. Barriers to entry like ownership of key resources or government protection allow monopolies to exist. Unlike competitive firms, monopolies are price makers and set marginal revenue equal to marginal cost to maximize profits. This results in lower output and higher prices than under perfect competition, creating welfare losses. Monopolies can further increase profits through price discrimination by charging different prices to different customer groups. Policymakers address monopoly inefficiencies through various regulatory approaches.
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The document summarizes the key characteristics of four basic market models: pure competition, monopolistic competition, oligopoly, and monopoly. It provides examples for each model and discusses some factors that allow monopolies to form, such as legal barriers, ownership of essential resources, and economies of scale. The document also compares pure competition to pure monopoly and discusses how monopolies determine profit-maximizing output and price graphically by finding the quantity where marginal revenue equals marginal cost. Finally, it addresses strategies like price discrimination that monopolies may use and policies like lump-sum taxes that could influence monopoly behavior.
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This document provides an overview of monopolistic competition and oligopoly market structures. It discusses key aspects of each including:
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Monopolistic competition describes a market with many small businesses that sell differentiated but substitutable products. While firms have some control over prices due to product differences, barriers to entry are low and many competitors result in zero long-run profits. Each firm faces a downward-sloping demand curve and engages in non-price competition like advertising. In the short-run, firms can earn profits or losses, but in the long-run free entry and exit forces prices down to match average costs.
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Monopoly Market Structure
- 2. Imperfect Competition An imperfectly competitive industry is an industry in which single firms have some control over the price of their output. Some examples are Monopoly, Oligopoly and Monopolistic competition. Monopoly:- A market structure in which only one producer or seller exists for a product that has no close substitutes 12/9/2009 2 continued...
- 5. Price Maker
- 8. Availability of information(Imperfect)12/9/2009 3 continued...
- 9. MONOPOLY Monopolies exist because of barriers to entry into a market that prevent competition. ex:-railways, electricity. There are three general classes of barriers to entry(CAUSE): Natural barriers, the most common being economies of scale Actions by firms to keep other firms out Government (legal) barriers 12/9/2009 4 continued...
- 10. Economies of Scale In some industries, the larger the scale of production, the lower the costs of production. Entrants are not usually able to enter the market assured of or capable of a very large volume of production and sales. This gives incumbent firms a significant advantage. Examples are electric power companies and other similar utility providers. 12/9/2009 5 continued...
- 11. Government Governments often provide barriers, creating monopolies. As incentives to innovation, governments often grant patents, providing firms with legal monopolies on their products or the use of their inventions or discoveries for a period of 17 years. 12/9/2009 6 continued...
- 12. Types of Monopolies Natural monopoly: A monopoly that arises from economies of scale. The economies of scale arise from natural supply and demand conditions, and not from government actions. Local monopoly: a monopoly that exists in a limited geographic area. Bilateral Monopoly: only one buyer, very rare ex; expensive defence goods-govt.is single buyer. Regulated monopoly: a monopoly firm whose behavior is overseen by a government entity. Monopolization: an attempt by a firm to dominate a market or become a monopoly. 12/9/2009 7 continued...
- 13. Monopoly: Equilibrium P y = Q Demand MR 12/9/2009 8 continued...
- 14. Monopoly: Equilibrium MC P y Demand MR 12/9/2009 9 continued...
- 15. Monopoly: Equilibrium MC P AC y Demand MR 12/9/2009 10 continued...
- 16. Monopoly: Equilibrium MC Output Decision MC = MR P AC ym y Demand MR 12/9/2009 11 continued...
- 17. Monopoly: Equilibrium MC Pm = the price P AC Pm ym y Demand MR 12/9/2009 12 continued...
- 18. Monopoly: Equilibrium Firm = Market Short run equilibrium diagram = long run equilibrium diagram (apart from shape of cost curves) At qm: pm > AC therefore you have excess (abnormal, supernormal) profits Short run losses are also possible 12/9/2009 13 continued...
- 19. Monopoly: Equilibrium MC The shaded area is the excess profit P AC Pm ym y Demand MR 12/9/2009 14 continued...
- 20. EQUILIBRIUM PRICE AND OUTPUT UNDER MONOPOLY IN SHORT RUN PROFIT-MAXIMIZING CASE: A firm in the short run earns maximum profit when it meets the following conditions; MR = MC and MC curve cuts MR from below Average Revenue is greater than Average Total Cost. 12/9/2009 15 continued...
- 22. EQUILIBRIUM PRICE AND OUTPUT UNDER MONOPOLY IN SHORT RUN NORMAL PROFIT CASE: A firm in the short run earns normal profit when it meets the following conditions; MR = MC and MC curve cuts MR from below Average Revenue is equal to Average Total Cost. 12/9/2009 17 continued...
- 24. EQUILIBRIUM PRICE AND OUTPUT UNDER MONOPOLY IN SHORT RUN LOSS-MINIMIZING CASE: A firm in the short run minimize loss in following way; MR = MC and MC curve cuts MR from below Average Revenue is less than Average Total Cost but greater than AVC. 12/9/2009 19 continued...
- 26. EQUILIBRIUM PRICE AND OUTPUT UNDER MONOPOLY IN LONG RUN A monopoly firm will be in equilibrium in long run and will earn Economic profit if; MC = MR and MC cuts MR curve from below AR is greater than Average Cost and There is no threat of new entry into the market If there is threat of new entry so monopolist will reduce prices and will earn only normal profit. 12/9/2009 21 continued...
- 27. EQUILIBRIUM PRICE AND OUTPUT UNDER MONOPOLY IN LONG RUN MC Revenue/ Cost ATC P Profit AVC E AR MR 0 Output 12/9/2009 22 continued...