Economists have identified four types of competition—perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition was discussed in the last section; we’ll cover the remaining three types of competition here.
Monopolistic Competition
In monopolistic competition, we still have many sellers (as we had under perfect competition). Now, however, they don’t sell identical products. Instead, they sell differentiated products—products that differ somewhat, or are perceived to differ, even though they serve a similar purpose. Products can be differentiated in a number of ways, including quality, style, convenience, location, and brand name. Some people prefer Coke over Pepsi, even though the two products are quite similar. But what if there was a substantial price difference between the two? In that case, buyers could be persuaded to switch from one to the other. Thus, if Coke has a big promotional sale at a supermarket chain, some Pepsi drinkers might switch (at least temporarily).
How is product differentiation accomplished? Sometimes, it’s simply geographical; you probably buy gasoline at the station closest to your home regardless of the brand. At other times, perceived differences between products are promoted by advertising designed to convince consumers that one product is different from another—and better than it. Regardless of customer loyalty to a product, however, if its price goes too high, the seller will lose business to a competitor. Under monopolistic competition, therefore, companies have only limited control over price.
Oligopoly
Oligopoly means few sellers. In an oligopolistic market, each seller supplies a large portion of all the products sold in the marketplace. In addition, because the cost of starting a business in an oligopolistic industry is usually high, the number of firms entering it is low.
Companies in oligopolistic industries include such large-scale enterprises as automobile companies and airlines. As large firms supplying a sizable portion of a market, these companies have some control over the prices they charge. But there’s a catch: because products are fairly similar, when one company lowers prices, others are often forced to follow suit to remain competitive. You see this practice all the time in the airline industry: When American Airlines announces a fare decrease, Continental, United Airlines, and others do likewise. When one automaker offers a special deal, its competitors usually come up with similar promotions.
Monopoly
In terms of the number of sellers and degree of competition, monopolies lie at the opposite end of the spectrum from perfect competition. In perfect competition, there are many small companies, none of which can control prices; they simply accept the market price determined by supply and demand. In a monopoly, however, there’s only one seller in the market.
Tnx group 15
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: AL AMIN
SAIFUL ISLAM
RUKSANA PARVIN RUPA
SHAMIM MIA
LIMA AKTER
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
Presentation why is monopoly not popular in the current business environment(1)Make My Assignments
Best economics assignment help service from MakeMyAssignments.com at affordable and reasonable prices.
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Economists have identified four types of competition—perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition was discussed in the last section; we’ll cover the remaining three types of competition here.
Monopolistic Competition
In monopolistic competition, we still have many sellers (as we had under perfect competition). Now, however, they don’t sell identical products. Instead, they sell differentiated products—products that differ somewhat, or are perceived to differ, even though they serve a similar purpose. Products can be differentiated in a number of ways, including quality, style, convenience, location, and brand name. Some people prefer Coke over Pepsi, even though the two products are quite similar. But what if there was a substantial price difference between the two? In that case, buyers could be persuaded to switch from one to the other. Thus, if Coke has a big promotional sale at a supermarket chain, some Pepsi drinkers might switch (at least temporarily).
How is product differentiation accomplished? Sometimes, it’s simply geographical; you probably buy gasoline at the station closest to your home regardless of the brand. At other times, perceived differences between products are promoted by advertising designed to convince consumers that one product is different from another—and better than it. Regardless of customer loyalty to a product, however, if its price goes too high, the seller will lose business to a competitor. Under monopolistic competition, therefore, companies have only limited control over price.
Oligopoly
Oligopoly means few sellers. In an oligopolistic market, each seller supplies a large portion of all the products sold in the marketplace. In addition, because the cost of starting a business in an oligopolistic industry is usually high, the number of firms entering it is low.
Companies in oligopolistic industries include such large-scale enterprises as automobile companies and airlines. As large firms supplying a sizable portion of a market, these companies have some control over the prices they charge. But there’s a catch: because products are fairly similar, when one company lowers prices, others are often forced to follow suit to remain competitive. You see this practice all the time in the airline industry: When American Airlines announces a fare decrease, Continental, United Airlines, and others do likewise. When one automaker offers a special deal, its competitors usually come up with similar promotions.
Monopoly
In terms of the number of sellers and degree of competition, monopolies lie at the opposite end of the spectrum from perfect competition. In perfect competition, there are many small companies, none of which can control prices; they simply accept the market price determined by supply and demand. In a monopoly, however, there’s only one seller in the market.
Tnx group 15
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: AL AMIN
SAIFUL ISLAM
RUKSANA PARVIN RUPA
SHAMIM MIA
LIMA AKTER
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
Presentation why is monopoly not popular in the current business environment(1)Make My Assignments
Best economics assignment help service from MakeMyAssignments.com at affordable and reasonable prices.
https://www.makemyassignments.com/economics-assignment-help
https://www.makemyassignments.com
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell pi coins after successfully completing KYC
Chapter7.ppt
1. Market Structures & Competition
There are several possibilities for free
market competition:
Perfect Competition
Monopolistic Competition
Monopoly
Oligopoly
Inadequate Competition
2. Perfect Competition
A large # of buyers and sellers exchange
identical products under 5 conditions:
1. Large # of buyers and sellers
2. Products are identical between suppliers
3. Buyers and sellers act independently
4. Buyers and sellers are well-informed
5. Buyers and seller are free to enter,
conduct, or get out of business. NO Barriers
to entry other than start-up costs or
technology
3. Market Equilibrium in Perfect Competition
Quantity
Price
Price and Output
One of the primary characteristics of perfectly competitive
markets is that they are efficient. In a perfectly competitive
market, price and output reach their equilibrium levels.
.
Supply
Demand
Equilibrium
Price
Equilibrium
Quantity
4. Monopolistic Competition
In monopolistic competition, many companies compete in
an open market to sell products which are similar, but
not identical. Best example: OTC pain relievers
1. Many Firms--As a rule, monopolistically competitive
markets are not marked by economies of scale or high
start-up costs, allowing more firms.
2. Few Artificial Barriers to Entry--Firms in a
monopolistically competitive market do not face high
barriers to entry.
3. Slight Control over Price--Firms in a monopolistically
competitive market have some freedom to raise prices
because each firm's goods are a little different from
everyone else's. EX: Tylenol, Aleve, and Bayer
4. Differentiated Products--Firms have some control
over their selling price because they can differentiate,
or distinguish, their goods from other products in the
5. Non-Price Competition
Nonprice competition is a way to attract customers
through style, service, or location, but not a lower price
1. Characteristics of Goods--The simplest way for a firm
to distinguish its products is to offer a new size, color,
shape, texture, or taste.
2. Location of Sale--A convenience store in the middle
of the desert differentiates its product simply by selling
it hundreds of miles away from the nearest competitor.
3. Service Level--Some sellers can charge higher prices
because they offer customers a higher level of service.
EX: Insurance companies
4. Advertising Image--Firms also use advertising to
create apparent differences between their own
offerings and other products in the marketplace.
6. Oligopoly
• Oligopoly describes a market dominated by a few large,
profitable firms through collusion or cartel. It is further
away from perfect competition than monopolistic
competition is. Final prices are higher for consumers.
• Collusion--an agreement among members of an
oligopoly to set prices and production levels. 2 forms of
collusion: Price- fixing is an agreement among firms to
sell at the same or similar prices. Dividing up the
market is another. Collusion is illegal in the U.S.
Cartel--an association by producers established to
coordinate prices and production.
Oligopolists act independently by lowering prices soon
after the first seller announces the cut, but they
typically prefer nonprice competition.
8. Monopoly
Only 1 seller of a particular product.
It’s VERY DIFFICULT to define a true monopoly
Americans prefer competitive trade; few
monopolies in U.S.
The monopolist is larger than a perfect
competitor, allowing it to be a price MAKER.
Herfendahl Index used to measure monopolies;
nowadays the trend is to analyze Barriers to
Entry
9. Types of Monopolies
Economies of Scale--If a firm's start-up costs are high,
and its average costs fall for each additional unit it
produces, then it enjoys what economists call
economies of scale. An industry that enjoys economies
of scale can easily become a natural monopoly. Good
example: Broadband and Cable TV industries
Natural Monopolies--a market that runs most efficiently
when one large firm provides all of the output.
Sometimes the development of a new technology can
destroy a natural monopoly.
Geographic Monopoly—occurs when a location cannot
support two or more businesses EX: Small-town
drugstore or barbershop
Government Monopoly—see next slide
10. Types of Gov’t Monopolies
• Technological Monopolies
The government grants patents, licenses that give the
inventor of a new product the exclusive right to sell it
for a certain period of time, and copyrights, the
exclusive right to protect written or performed work.
EX: Artists get lifetime + 50 yrs.
• Franchises and Licenses
A franchise is a contract that gives a single firm the right
to sell its goods within an exclusive market. A license is
a government-issued right to operate a business. Local
cable companies are frequently franchised.
• Industrial Organizations
In rare cases, such as sports leagues, the government
allows companies in an industry to restrict the number
11. Interesting Thoughts About
Monopolies…
Anti-trust lawyers try to expand the definition of
monopoly; corporate attorneys try to narrow it.
Even if there is no competition, you must act as if
there are other competitors, or you will provide an
incentive to compete
Efficiency is NOT a barrier to entry.
EX: Microsoft wins because its software is compatible
with everything. Apple screwed up. Don’t like
Microsoft? Try Linux, or try to beat Microsoft.
Large companies can spring up to take on large
monopolies who practice predatory pricing.
12. Predatory Pricing
The concept: Drive your competitors out of business
by charging less than cost for a good or service. Once
your opponents are gone, raise prices and screw
consumers.
How do you define it? Grocery stores often sell some
items under cost to entice consumers. Is that wrong?
Predatory pricing cannot work in the long-term.
German Bromine Cartel existed around 1910. Sold
bromine for 45¢. Dow in the U.S. sold for 36¢.
Germans got mad, sold bromine for 15¢. Dow bought
up all the bromine and sold it in Europe at 27¢!
Germans eventually gave up.
13. More on Efficiency
John D. Rockefeller led Standard Oil
At one point, he owned 90% of the refineries in
the U.S.
Company was broken up when he only owned
64%.
Yet, under Rockefeller, the price of kerosene
had DROPPED!!!
1869– 30 cents/gal.
1880—9 cents/gal.
1897—5.9 cents/gal. (cheaper than electricity)
14. Inadequacies in the Market
Inadequate competition—decreases in competition due
to mergers/acquisitions can create market failure
Resource problems: Inefficient resource allocation
occurs when there’s no incentives to use resources
wisely. Resources must also avoid immobility (in case a
market tanks)
Companies may not market products properly, even if
they are cheaper and better (Sony Betamax loses to JVC
VHS)
Monopolies can reduce supply, raise prices
A large business can exert political power (USX)
Market failures on the demand side are harder to
correct than failures on the supply side.
Consumers, businesspeople, and government officials
must be able to obtain market conditions quickly and
easily.
15. Price Discrimination
Price discrimination is the division of customers into
groups based on how much they will pay for a good.
Although price discrimination is a feature of
monopoly, it can be practiced by any company with
market power. Market power is the ability to control
prices and total market output.
Targeted discounts, like student discounts and
manufacturers’ rebate offers, are one form of price
discrimination.
Price discrimination requires some market power,
distinct customer groups, and difficult resale.
16. Comparison of Market Structures
Number of firms
Variety of goods
Control over prices
Barriers to entry and exit
Examples
Comparison of Market Structures
Markets can be grouped into four basic structures: perfect
competition, monopolistic competition, oligopoly, and monopoly.
Perfect
Competition
Many
None
None
None
Wheat,
shares of stock
Monopolistic
Competition
Many
Some
Little
Low
Jeans,
books
Oligopoly
Two to four dominate
Some
Some
High
Cars,
movie studios
Monopoly
One
None
Complete
Complete
Public water
17. Section 3 Review
The differences between perfect competition and monopolistic
competition arise because
(a) in perfect competition the prices are set by the government.
(b) in perfect competition the buyer is free to buy from any
seller he or she chooses.
(c) in monopolistic competition there are fewer sellers and more
buyers.
(d) in monopolistic competition competitive firms sell goods
that are similar enough to be substituted for one another.
An oligopoly is
(a) an agreement among firms to charge one price for the same
good.
(b) a formal organization of producers that agree to coordinate
price and output.
(c) a way to attract customers without lowering price.
(d) a market structure in which a few large firms dominate a
market.
18. Deregulation
Deregulation is the removal of some government
controls over a market
Deregulation is used to promote competition.
Many new competitors enter a market that has been
deregulated. This is followed by an economically
healthy weeding out of some firms from that market,
which can be hard on workers in the short term.
EX: Telecommunications sector in U.S. Effects have
been mixed.
19. Government and Competition
Government policies keep firms from controlling the
prices and supply of important goods. Antitrust laws
are laws that encourage competition.
Sherman Antitrust Act (1890) was the 1st U.S. law
against monopolies
Clayton Antitrust Act (1914) outlawed price
discrimination
Federal Trade Commission (1914) was empowered to
issue cease and desist orders to companies practicing
unfair business practices
Robinson-Patman Act (1936) outlawed special
discounts to some consumers
Government also taxes to regulate businesses with
negative externalities (Chemical manufacturers)
Government also requires public disclosure
20. Section Review—Role of Gov’t
Antitrust laws allow the U.S. government to do all of the
following EXCEPT
(a) regulate business practices.
(b) stop firms from forming monopolies.
(c) prevent firms from selling new experimental
products.
(d) break up existing monopolies.
The purpose of both deregulation and antitrust laws is
to
(a) promote competition.
(b) promote government control.
(c) promote inefficient commerce.
(d) prevent monopolies.