Class mkt structures i
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The document discusses different market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It provides details on the key features and assumptions of perfect competition, including that firms are price takers, there is freedom of entry and exit, products are homogeneous, and profits are only normal in the long run. It also discusses monopoly, including how monopolies obtain and maintain market power through barriers to entry, and how a monopolist determines its profit-maximizing price and output where marginal cost equals marginal revenue.
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- No substitutes for buyers and a complete negation of competition.
- A downward sloping demand curve that reflects the firm's average revenue.
- The firm's marginal revenue curve lies below its average revenue curve.
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Market structure Monopoly
Monopoly is characterized by:
- A single seller that controls the entire market supply of a good or service.
- No substitutes for buyers and a complete negation of competition.
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- The firm's marginal revenue curve lies below its average revenue curve.
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Perfect competition
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Perfect Competition
Perfect competition is a market structure with the following characteristics: homogeneous products, free entry and exit, many buyers and sellers, and perfect information. Under perfect competition, firms are price takers and the equilibrium price is determined by the intersection of market supply and demand. At the equilibrium price, firms earn zero economic profit in the long run as entry by new firms will continue until price equals minimum average total cost.
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Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
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Students should be able to:
Understand the characteristics of this model and be able to use them to explain the behaviour of firms in this market structure
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Explain and evaluate the potential costs and benefits of monopoly to both firms and consumers
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Perfect competition is a market structure with many small firms, homogeneous products, perfect information and free entry and exit. In the short run, firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Abnormal profits attract new firms, lowering prices to normal profits when MC equals average cost (AC). Allocative efficiency occurs where MC equals average revenue (AR). In the long run, productive, allocative and profit maximizing efficiencies are achieved at the same output level.
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1. The document discusses market structures, specifically monopoly, including monopoly assumptions, barriers to entry, production decisions, and profit maximization.
2. A monopoly faces the entire market demand curve and can set price above marginal cost to earn profits in both the short- and long-run.
3. While monopolies may lead to economic inefficiency through deadweight loss, a price-discriminating monopoly can help reduce this loss by segmenting customers and charging different prices.
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1. The document outlines four different market structures: perfect competition, monopoly, oligopoly, and monopolistic competition.
2. It describes the key determinants of market structure as the number of sellers, nature of products, freedom of entry and exit, and control over price.
3. Perfect competition is defined as having free entry and exit, homogeneous products, many buyers and sellers, and perfect information. Firms are price takers and seek to maximize profits by producing where price equals marginal cost.
Marketstructuresperfectcompetition 101207232006-phpapp01
The document discusses different market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It provides characteristics of each, including the number of buyers and sellers, product differentiation, barriers to entry/exit, profit maximization where marginal revenue equals marginal cost, and equilibrium price and output. Monopolistic competition is defined as having many firms that can differentiate products somewhat and face relatively easy entry/exit into the industry. Examples of monopolistic competition include restaurants, plumbers, and hairdressers.
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The document discusses different market structures and pricing under each structure. It covers the four main market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. For each structure, it describes characteristics like number of firms, entry barriers, product differentiation. It then discusses pricing determination. Under perfect competition, firms are price takers and price equals marginal cost. Under monopoly, the single firm influences price by adjusting output to where marginal revenue equals marginal cost. Under monopolistic competition, in the short run firms maximize profits where marginal revenue equals marginal cost, and in the long run price equals average cost.
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The document discusses different market structures including perfect competition, monopoly, oligopoly, and monopolistic competition. It describes the key characteristics of each structure such as the number of firms, product differentiation, barriers to entry, and firm behavior. Perfect competition has many small firms, identical products, and firms are price takers. A monopoly has a single dominant firm with barriers to entry. Oligopoly is dominated by a small number of large firms where behavior is interdependent. Monopolistic competition has many differentiated products and easy entry/exit.
Comp mono
Perfect competition is characterized by many small firms producing identical products with no barriers to entry or exit, perfect information, and price-taking behavior. Market price is determined by the intersection of total industry supply and demand. In the short run, firms maximize profits by producing where marginal revenue equals marginal cost. In long run equilibrium, firms earn only normal profits and produce where price equals minimum average total cost.
Marketstructures
There are 4 main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. In both the short run and long run, firms will produce where marginal cost equals marginal revenue to maximize profits. The perfectly competitive market leads to productive and allocative efficiency.
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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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This document provides an overview of monopoly market structure. It defines monopoly as a market with a single seller, no close substitutes for the product, and high barriers to entry. Barriers include legal protections like patents, economies of scale, and ownership of necessary resources. A monopoly faces a downward-sloping demand curve and sets price above marginal cost to maximize profits where marginal revenue equals marginal cost. This results in lower output and higher prices than under perfect competition, reducing consumer surplus and creating deadweight loss.
Monopolistic competition
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.
Class mkt structures ii
The document discusses monopolistic competition in the toothpaste market using Crest toothpaste as an example. It notes that while Procter & Gamble has monopoly power over Crest, their power is limited because consumers can easily substitute other brands if the price rises too much. The demand for Crest is downward sloping but fairly elastic. As a result, Procter & Gamble will charge a price only slightly higher than their marginal cost.
Monopolistic And Oligopoly
- Monopolistic competition describes a market with many producers offering similar but differentiated products, with each firm having some control over price. Barriers to entry are low, allowing firms to freely enter and exit the market.
- In the short run, firms maximize profits where marginal revenue equals marginal cost. In the long run with free entry and exit, firms earn zero economic profit as supply and demand equilibrate.
- Oligopoly is dominated by a few large firms. These firms are interdependent and must consider competitors' responses in decision making. Barriers to entry allow oligopolies to persist and earn economic profits.
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Class mkt structures i
- 4. Features of the four market structures
- 7. Short-run equilibrium of industry and firm under perfect competition O £ (b) Firm Q (thousands) O (a) Industry P Q (millions) Q e S D P e MC AR D = AR = MR AC AC
- 9. Long-run equilibrium under perfect competition O O P £ Q (millions) Q L Q (thousands) New firms enter Supernormal profits Profits return to normal (a) Industry (b) Firm S 1 D LRAC P L P 1 S e AR 1 D 1 AR L D L
- 11. Long-run equilibrium of the firm under perfect competition £ Q O (SR)AC (SR)MC LRAC AR = MR D L LRAC = (SR)AC = (SR)MC = MR = AR
- 13. Concentration ratios in the UK
- 16. AR and MR curves for a monopoly Q (units) 1 2 3 4 5 6 7 P =AR (£) 8 7 6 5 4 3 2 AR AR, MR (£) Quantity
- 17. AR and MR curves for a monopoly Q (units) 1 2 3 4 5 6 7 P =AR (£) 8 7 6 5 4 3 2 TR (£) 8 14 18 20 20 18 14 MR (£) 6 4 2 0 -2 -4 MR AR, MR (£) Quantity AR
- 27. Profit maximising under monopoly £ Q O Q m MR MC
- 29. Profit maximising under monopoly £ Q O Q m MR MC
- 30. Profit maximising under monopoly £ Q O MC Q m MR AC AR AC AR
- 31. Profit maximising under monopoly £ Q O MC AC Q m MR AR AR AC Total profit
Editor's Notes
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