Competition & Monopolies, Lesson 4
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This document discusses market structures and perfect competition. It defines perfect competition as a market structure with numerous small businesses producing similar goods or services, free entry and exit into the market, and buyers and sellers having full information. Under perfect competition, no single buyer or seller can influence the market price. The document provides the seven conditions required for perfect competition and gives the wheat market as an example that approximates perfect competition. Society benefits from perfect competition through lower prices that reflect the true costs of production.
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This document discusses monopolies, collusion, and competition in markets. It notes that monopolies and collusion eliminate competition by having secret agreements between firms to control markets. Prices are likely to be higher in industries with less competition due to monopolies or oligopolies where there are few sellers. Markets with perfect competition have many buyers and sellers of identical products, so sellers have no control over prices which are determined by the market.
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The document discusses different market structures, including perfect competition, monopolistic competition, oligopoly, monopoly, oligopsony, and monopsony. It provides definitions and characteristics of each market structure, comparing factors such as the number of buyers and sellers, entry barriers, product differentiation, and firm behavior. Examples are given for some market structures. The conclusion summarizes that market structure can be described based on characteristics like market size, number of providers and their market share, and consumer and business purchasing patterns.
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The document describes the four main types of market structures: perfect competition, monopolistic competition, oligopoly, and monopoly. It provides details on the characteristics of each type, including the number and size of sellers and buyers, barriers to entry, ability to differentiate products, and level of influence over prices. Perfect competition has many small businesses and buyers/sellers, while monopoly has a single provider with control over prices. Monopolistic competition and oligopoly fall between these extremes, with some product differentiation and a small number of dominant businesses setting prices respectively.
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This document discusses monopoly and monopolistic competition. It notes that a monopoly is characterized by a single seller of a unique product without close substitutes. This allows the monopoly to be a price maker and can block entry of competitors. Monopolies can lead to underproduction and deadweight loss. Monopolistic competition involves many producers making differentiated but not perfectly substitutable products, allowing free entry and exit and an opportunity for normal profits in the long run.
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A market consists of buyers and sellers in a given area or region. There are four main types of markets: perfect competition, monopoly, oligopoly, and monopolistic competition. Perfect competition involves many sellers offering similar goods where price is determined by market forces. A monopoly exists when there is a single seller. Oligopoly describes a market with a small number of firms producing similar goods where each firm is influenced by competitors. Monopolistic competition involves many sellers offering differentiated goods.
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This document discusses types of imperfect competition, including monopoly, monopolistic competition, oligopoly, and monopsony. Monopoly refers to a single seller of a unique product with no close substitutes. Monopolistic competition involves many sellers offering differentiated goods. Oligopoly describes a market with a small number of companies controlling the whole supply. Monopsony is a market with only one buyer.
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An oligopoly is a market structure with a small number of producers that have strategic interdependence. Each firm must consider how its rivals will respond to its pricing and output decisions. While firms have an incentive to collude to raise prices above competitive levels, maintaining collusion can be difficult without formal agreements. As more firms enter the market, it becomes harder to collude and prices tend to approach competitive levels. Firms in an oligopoly often engage in tacit collusion through mechanisms like price leadership.
Marketstructure -eco
This document provides an overview of market structure and the different types of market structures. It discusses the key factors used to classify market structures, including the number of buyers and sellers, product differentiation, barriers to entry and exit, and level of competition. It then describes the characteristics of four main market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. The document compares the differences between these market structures and provides examples of each. It also discusses price determination in markets and the concept of equilibrium price.
Competetion in market promotes economic efficiency
Competition in markets promotes economic efficiency. While markets do not always work well, uncompetitive markets often matter most for the poor. This paper outlines the direct and indirect linkages between competition, competition policy, private sector development, growth and poverty reduction. Competition among buyers and sellers in markets fosters innovation, productivity and economic growth, creating wealth and reducing poverty. However, these linkages between competition and development are not sufficiently recognized, especially in developing countries.
Market structures and price determination
This document provides an overview of market structures and pricing policies. It defines key terms like market, competition, and market structures. It then describes different market structures in more detail like perfect competition, monopoly, monopolistic competition, oligopoly, and their features. It also discusses equilibrium points for different market structures and how price and output are determined. Pricing methods and objectives are introduced along with strategies for pricing in competitive markets.
market - Types and their details
A market is defined as a place where buyers and sellers engage in transactions of various products. The structure of a market determines the price and level of production in that market. There are four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Under perfect competition, there are many small firms and buyers/sellers, products are homogeneous, there is free entry and exit into the market, and prices are determined by supply and demand forces.
Pe business organization & market structure student
There are four main types of market structure: perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition is the most competitive structure with many firms producing similar products and no control over price. Monopolistic competition involves many firms producing differentiated products with some control over price. Oligopoly is defined by a few dominant firms producing similar products where the actions of one firm can impact prices for all. Monopoly is the least competitive with a single firm, no substitutes, high barriers to entry, and complete control over price.
Competition[monopoly,pc,pligopoly,mono. comp)
Competition exists when individuals and firms strive to gain a greater market share by selling goods and services. There are several types of market structures that determine the level of competition, including monopoly, oligopoly, and perfect competition. Michael Porter developed a five forces model for analyzing industry competition and developing business strategy. The five competitive forces are the threat of new entrants, power of suppliers, power of buyers, availability of substitutes, and rivalry among existing competitors.
Perfect competition
This document discusses the model of perfect competition. It outlines the key assumptions of the model including homogeneous goods, many small buyers and sellers, perfect information, and free entry and exit. The document then examines the short-run and long-run equilibrium for firms under perfect competition and how price and output are determined. It also discusses how perfect competition leads to productive and allocative economic efficiency. While the assumptions of the perfect competition model are not fully met in reality, the model provides a benchmark for understanding different market structures and their impacts.
Mono
This document summarizes key characteristics of monopoly and monopolistic competition. It discusses how a monopoly is a single seller that serves the entire market, has market power through a downward sloping demand curve, and there is no distinction between the firm and industry. Monopolistic competition involves many firms, product differentiation, free entry and exit in the long run, and firms having some market power in the short run but not earning pure profits in the long run. Oligopoly is characterized by a small number of interdependent firms that can exert collective control over prices and supply in the market.
Perfect Competition
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
Forms of market 11
1. Monopolistic competition refers to a market with many small businesses that sell differentiated products.
2. While products are differentiated, they are still close substitutes for one another. Firms have some control over pricing but also face competition from similar products.
3. Features include free entry and exit of businesses, product differentiation through branding or qualities, and firms engaging in advertising to promote their unique versions.
perfect competition.pptx
This document defines and describes perfect competition in three main points:
1. Perfect competition is an industry structure with many small firms producing identical products where no single firm can influence prices. New firms can freely enter and exit the market.
2. Under perfect competition, no participant is large enough to have market power to set prices for a standard product. It serves as a benchmark for comparing real markets.
3. For a market to be perfectly competitive it must meet five criteria: identical products, firms are price takers, small market share for each firm, buyers know prices, and freedom of entry and exit.
Similar to Competition & Monopolies, Lesson 4 (20)
Competetion in market promotes economic efficiency
Competetion in market promotes economic efficiency
Pe business organization & market structure student
Pe business organization & market structure student
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The document discusses the proper use of the words "like", "as", "as if", and "as though" in both formal and informal English. It notes that in formal writing and speech, "as", "as if", and "as though" are more commonly used to introduce clauses, while "like" meaning "as if" is used with a small number of adjectives in informal contexts. Examples are provided to illustrate the different uses.
Conditional clauses using modals and unless
This document discusses the use of modals and "unless" in conditional clauses in English. It explains that modals like "will", "would", and "would have" are used in the main clause to indicate likelihood or possibility. "Unless" is used to indicate an exception. The same verb tenses are used with "if" and "unless". Other expressions like "as long as", "only if", "provided", and "so long as" can also introduce conditional clauses. Modals can be used in both the main clause and conditional clause. Formal English allows placing the verb before "if" for certain conditional verbs like "had", "should", and "were".
Conditionals diagnostic quiz
This document provides a diagnostic quiz on conditional sentences. It contains 26 multiple choice questions testing the use of conditional forms such as "if" clauses, present, past and future conditionals. The questions cover a range of topics but many relate to travel, food, and an oil spill in the Gulf of Mexico discussing the consequences that would or could have occurred if different actions had been taken.
Inversions review
This document provides a quick review of inversions in English grammar. It discusses using inversions to make sentences more emphatic, dramatic, or formal. Examples are given of inverting sentences that begin with "seldom", "never", "rarely", and "little". Phrases for negative inversions like "under no circumstances" and "on no account" are listed. The document also covers correcting example sentences with inversions and joining sentences using inversions like "not until" and "only". It concludes with discussing other cases for inversions like conditionals and sentences beginning with "so" or "such".
Editing and Proofreading: Identify errors
This document provides examples of common grammatical and stylistic errors in writing, along with corrections. It covers issues like sentence structure, subject-verb agreement, consistent verb tense, article usage, spelling, punctuation, and more. The examples showcase errors in areas such as fragments, passive voice, pronoun agreement, prepositions, capitalization, pluralization, and possessives. The goal is to help writers identify and avoid frequent mistakes to improve the clarity and correctness of their writing.
Cambridge Proficiency practice
This document discusses striving for proficiency. It encourages taking a step-by-step approach to improving one's quality of life through natural means like exercise and stress management rather than relying on drugs, stimulants, or quick fixes. The document suggests being prepared to take charge of one's own well-being and health journey through understanding principles before taking action.
Writing introductions
The document provides guidance on writing effective introductions, including introducing the topic, indicating how it will be developed, including a thesis statement, and enticing the reader. It discusses four types of introductions - funnel, dramatic, quotation, and turn about - and provides examples of each. The document then analyzes sample introduction paragraphs and identifies weaknesses, such as a lack of focus, unclear connection between sentences, or missing information on the scope or structure of the intended writing.
Topic sentences paragraph writing patterns
This document provides guidance on writing effective paragraphs, including six common paragraph patterns and techniques for developing strong topic sentences and verb-based writing. It discusses chronological, classification/listing, evidence/illustration, compare/contrast, question/answer, and cause/effect paragraph structures. Key connectors for each pattern are provided. The importance of clear topic sentences and verb-based writing for engagement and readability is emphasized. Strategies like analyzing topic sentences, practicing rewrites, and identifying nominalizations are presented to help improve writing skills.
Thesis statements and the drafting process help
Here are revised thesis statements for the prompts:
- The death penalty is a controversial issue.
While the death penalty remains a controversial issue, DNA evidence has significantly reduced wrongful convictions and shifted the debate by prioritizing accuracy and justice over speedy resolutions.
- This novel had an important impact on my life.
Steinbeck's vivid portrayal of the struggles of migrant farmers during the Great Depression in The Grapes of Wrath ignited my passion for learning how historical forces shape individual lives and communities.
- What would the consequences of censorship on the Internet be?
Unrestricted access to information and freedom of expression are cornerstones of democracy; however, censorship proponents argue it prevents harm. This essay will
Summary writing tips
Despite improvements like standardized coins and checks, early forms of monetary exchange still faced problems. Barter trade was inefficient as matching goods and needs was difficult. While precious metals and standardized coins enhanced exchange, physically transporting and storing coins was cumbersome. To address this, Greek and Roman traders pioneered the use of paper checks to facilitate long-distance trade, creating a precursor to modern paper money that was lighter and easier to use than coins.
Essay styles
This document discusses different styles of essays, including process, cause/effect, and comparison/contrast essays. Process essays follow chronological order and divide a process into steps in separate paragraphs. Cause/effect essays can be organized by discussing all causes then all effects in blocks, or linking causes and effects in a chain. Comparison/contrast essays can use point-by-point organization, discussing each point of comparison in a paragraph, or block organization, with all similarities discussed in one section and all differences in another. Proper organization is important for clearly communicating ideas in different essay styles.
Correcting Writing Style
This document provides tips for improving writing style by learning to recognize and correct common style problems. It discusses issues like wordiness, overused phrases, qualifiers, redundant words, overuse of prepositions, stock phrases, weak verbs, nominalizations, and fancy terminology. The tips include locating these problems in one's writing and replacing problematic constructions with more direct, active language to improve clarity and effectiveness. The goal is to have the subject and verb close together and make clear who is doing what.
Brainstorm Paragraph Organization
This document provides guidance on writing paragraphs and drafting essays. It discusses how to start the writing process, including brainstorming ideas and planning before drafting. It emphasizes that the first draft is for getting ideas down on paper and should not be polished. Good paragraphs are described as having a clear topic sentence, unity, coherence, and development. They should be varied in length for readability. The five-step process for writing a paragraph involves choosing a controlling idea, explaining it, giving examples, explaining the examples, and concluding the paragraph's idea.
The House on Mango Street figurative language
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Writing cohesion
Reference words such as pronouns and determiners are used to refer to people, objects, or ideas that have already been mentioned or will be mentioned later in order to avoid repetition. Common reference words include pronouns like it, they, this, and that as well as determiners like the former and ones. Reference words help create cohesion by linking different parts of the text together.
Writing conclusions
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WritingTips Eng3A 1b
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THE DECLARATION OF INDEPENDENCE
The document summarizes the basic structure and key sections of the Declaration of Independence:
1) It has around 1350 words and can be divided into 8 parts, with 4 parts in the preamble.
2) The key sections declare that all men are created equal and have rights to life, liberty, and pursuit of happiness; governments are created to protect these rights and get power from the consent of the governed; and when a government abuses its people, they have the right to change or abolish it.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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Chapter 4
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Chapter 5
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Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
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1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Competition & Monopolies, Lesson 4
- 2. Competitio n Basic feature of market economic system ADVANTAGE S• Choices • Lower PricesWHY? Competing supplies leads to Do suppliers like comp
- 3. BUSINESSES are set up based on # of ownersSole proprietorship, partnership & corporation also grouped by competition facedOr MARKET STRUCTURE
- 4. 4 BASIC MARKET STRUCTURES Fig. 37 p. 149 Perfect Competition Monopolistic Competition Oligopoly
- 5. Perfect Competition Monopolistic Competition Oligopoly Monopoly MARKET STRUCTURE 2 are rare 2 are common ? ? RARE RARE - pure
- 6. All businesses compete when others produce similar goods/services. Market with so many sellers of a good/service, each having a small share is called… Perfect competitionSo many that no single buyer/seller can affect
- 7. Perfect competition also known as PURE competition Requires 7conditions to be met
- 8. 1. A largemarket NUMEROUS buyers/sellers for product
- 10. 3. easyEntry & Exit Sellers in market can’t prevent competition OR entrance Small initial investment Good/service is easy to produce
- 11. 4.info- easy to get EASY for buyers/sellers – info about prices / quality / supply
- 12. 5.independence Possibility of sellers/buyers controlling prices
- 13. 6.NO CONTROLover price 1st 5 conditions, price’s controlled by supply & demandNOT buyers/sellers PERFECT COMPETITION Needs many suppliers of similar products & many informed buyers who know market prices Market price = equilibrium pricein Pure Competitio Total supply & total demand interact to reach equilibrium Because there are so many buyers/sellers, a person charging more or less DOES NOT affect market price.
- 14. 7. information About PRICES, QUALITY & SUPPLY SOURCES TODAYit’s easy to find lowest pric TRUE Perfect Competition is RAR
- 15. WHEAT MARKETas a Perfect Competit Agricultural Market in U.S.A. – CLOSE to being Pure Competition 7 conditions1. Large market 1000’s of farmers producing/Wholesalers buying 2. SIMILAR PRODUCT 3. EASY entry/exitLow rent/Learnable 4. 4. EASY INFO – Wheat prices on Internet 5. independenceSmall chance of farmers controlling price6. no control over prices NO farmer has big influence on p 7. unique situation Inelastic demand supply side of most agricultural markets is u Market dependent on conditions over which farmers have little
- 16. Society Benefits Intense competition forces price down (costs + small profit) Consumers pay for what’s been put in to make productsOP COST of use of land, lavor, capital & entrepreneurshipPRICE paid by consumers = true signal of value of product in society PURE competitive industries = ECONOMIC
- 17. upcoming Monopoly, Oligopoly, Monopolistic competition & monopolies
Editor's Notes
- page 151