Lesson plan 1 market structures - power point - duke
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This document summarizes different market structures: - Perfect competition has many small firms, identical products, price set by buyers, and no barriers to entry. Examples include agriculture. - Monopolistic competition has many firms selling differentiated but similar products with some control over price and low barriers to entry, like jeans and sunglasses. - Oligopoly has a market dominated by a few large firms that are interdependent with significant barriers to entry, like airlines and breakfast cereal. Firms may use predatory pricing, collusion, or conglomeration to control their industries legally. - Monopoly has a single seller with barriers to entry that allow high prices without competition, like public utilities. The document provides
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Government Intervention In Markets
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Market Structures (economics)
This document defines and classifies different market structures. The main market structures discussed are perfect competition, monopoly, oligopoly, and monopolistic competition. Perfect competition is characterized by many small sellers, standardized products, and no single seller influencing prices. A monopoly has a single seller dominating an industry. Oligopoly has a few large sellers controlling the market. Monopolistic competition involves differentiated but similar products among many sellers. The document also briefly discusses monopsony and oligopsony structures defined by a single or few dominant buyers.
Perfect competition
This document discusses perfect competition in markets. It defines a perfectly competitive market as one with many potential buyers and sellers, homogeneous products, and prices determined by market forces alone. Firms in a perfectly competitive market are price takers and will enter or exit the market in response to profits and losses. The key characteristics of a perfectly competitive market include free entry and exit, perfect information, and mobility of resources.
Monopolistic competition
Monopolistic competition refers to a market with many sellers offering differentiated but similar products. Key characteristics include:
1) Large numbers of buyers and sellers, but less than perfect competition. Sellers offer heterogeneous products.
2) Products are differentiated through branding and perceived differences, allowing sellers some monopoly power as price makers.
3) In the short run, firms maximize profits where marginal cost equals marginal revenue. In the long run, free entry leads to normal profits as the market reaches equilibrium with excess capacity.
Market structure
This document defines different types of market structures:
- A market allows buyers and sellers to interact and exchange goods/services. It can be defined by a geographic area.
- Market structures include perfect competition, monopolistic competition, oligopoly, duopoly, monopoly, and cartels.
- Perfect competition has many small sellers/buyers of homogeneous products, no entry/exit barriers, and price-taking firms. Monopolistic competition has differentiated products. Oligopolies and duopolies have a small number of interdependent firms. Monopolies are the sole providers of goods/services and can influence prices. Cartels explicitly collude to regulate supply and prices.
Market structure updated
This document provides an overview of managerial economics and market structures. It defines key terms like market structure, perfect competition, monopoly, and oligopoly. For oligopoly specifically, it outlines the key features including interdependence, importance of advertising, group behavior, indeterminate demand curves, few sellers, aggressive/defensive marketing, competition/combination, and identical/differentiated products. It also lists advantages like high profits for large firms, and disadvantages such as price setting benefiting firms over customers.
Monopolistic competition
This document discusses monopolistic competition. Key points:
1. Monopolistic competition has many firms selling differentiated products, with few barriers to entry. Firms compete on both price and product differentiation.
2. The four characteristics of monopolistic competition are: many sellers, differentiated products, multiple dimensions of competition, and easy entry of new firms.
3. In the long run, entry of new firms prevents monopolistic competitors from earning economic profits, as they will be driven down to normal profits.
Perfect competition
Perfect competition requires: firms are price takers, many sellers/buyers, free entry/exit, identical products, complete information. In short-run, individual firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Market supply is the sum of individual firm MC curves. In long-run, zero economic profits are achieved as new entry drives prices down until MC equals average costs.
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Government Intervention In Markets
Government intervention in markets aims to address market failures, abuse of market power, and improve equitable distribution of income and wealth. Some forms of intervention include price ceilings which place restrictions on prices rising above a certain level and can cause shortages. Price floors prevent prices from falling below a level and result in surpluses. Subsidies grant money to industries and lower prices for consumers while increasing revenue for producers. Quotas restrict the amount individual producers can produce and shift the supply curve left.
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Perfect competition
This document discusses perfect competition in markets. It defines a perfectly competitive market as one with many potential buyers and sellers, homogeneous products, and prices determined by market forces alone. Firms in a perfectly competitive market are price takers and will enter or exit the market in response to profits and losses. The key characteristics of a perfectly competitive market include free entry and exit, perfect information, and mobility of resources.
Monopolistic competition
Monopolistic competition refers to a market with many sellers offering differentiated but similar products. Key characteristics include:
1) Large numbers of buyers and sellers, but less than perfect competition. Sellers offer heterogeneous products.
2) Products are differentiated through branding and perceived differences, allowing sellers some monopoly power as price makers.
3) In the short run, firms maximize profits where marginal cost equals marginal revenue. In the long run, free entry leads to normal profits as the market reaches equilibrium with excess capacity.
Market structure
This document defines different types of market structures:
- A market allows buyers and sellers to interact and exchange goods/services. It can be defined by a geographic area.
- Market structures include perfect competition, monopolistic competition, oligopoly, duopoly, monopoly, and cartels.
- Perfect competition has many small sellers/buyers of homogeneous products, no entry/exit barriers, and price-taking firms. Monopolistic competition has differentiated products. Oligopolies and duopolies have a small number of interdependent firms. Monopolies are the sole providers of goods/services and can influence prices. Cartels explicitly collude to regulate supply and prices.
Market structure updated
This document provides an overview of managerial economics and market structures. It defines key terms like market structure, perfect competition, monopoly, and oligopoly. For oligopoly specifically, it outlines the key features including interdependence, importance of advertising, group behavior, indeterminate demand curves, few sellers, aggressive/defensive marketing, competition/combination, and identical/differentiated products. It also lists advantages like high profits for large firms, and disadvantages such as price setting benefiting firms over customers.
Monopolistic competition
This document discusses monopolistic competition. Key points:
1. Monopolistic competition has many firms selling differentiated products, with few barriers to entry. Firms compete on both price and product differentiation.
2. The four characteristics of monopolistic competition are: many sellers, differentiated products, multiple dimensions of competition, and easy entry of new firms.
3. In the long run, entry of new firms prevents monopolistic competitors from earning economic profits, as they will be driven down to normal profits.
Perfect competition
Perfect competition requires: firms are price takers, many sellers/buyers, free entry/exit, identical products, complete information. In short-run, individual firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Market supply is the sum of individual firm MC curves. In long-run, zero economic profits are achieved as new entry drives prices down until MC equals average costs.
Market structure
This document discusses different types of market structures:
1. Perfect competition is characterized by many small sellers of identical products, price taking behavior, freedom of entry and exit. Potatoes sold at markets are an example.
2. Monopoly is dominated by a single seller of a unique product where entry is restricted, like Gillette razor blades.
3. Monopolistic competition involves differentiated products that are close substitutes, like various shoe brands.
4. Oligopoly has a small number of interdependent sellers that recognize how their actions impact rivals, like instant noodle brands in India. Duopoly is a specific type of oligopoly with two dominant firms, like Pepsi and Coke in soft drinks
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.
Price discrimination (made understandable)
This document discusses different types of price discrimination. It provides examples of first degree price discrimination where individual customers are charged different prices based on their willingness to pay. Second degree discrimination involves offering different packages or versions of products at various price points. Non-linear pricing, versioning, and bundling are examples. Third degree discrimination sets different prices for identifiable customer groups based on characteristics like location, age, or profession. The document aims to explain price discrimination and how it can increase profits for companies.
Monopoly, Monopolistic Competition and Oligopoly
This document discusses different market structures: monopoly, monopolistic competition, and oligopoly. For monopoly, it describes characteristics like a single seller, barriers to entry, and profit maximization where marginal revenue equals marginal cost. Monopolistic competition has many firms that produce differentiated products and free entry/exit. Oligopoly has a few sellers producing either homogeneous or differentiated products and difficult market entry.
Perfect competition in long run
The document discusses the concept of perfect competition in three main points:
1. Perfect competition describes a market structure where competition is at its highest level, with many small firms, homogeneous products, free entry and exit, and perfect information.
2. Under perfect competition, firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost.
3. In the long run, if profits are above normal, more firms will enter the market, increasing supply and driving prices and profits back down to normal.
Market structure
This document provides an overview of market structure and competition. It discusses the Structure-Conduct-Performance model and different market structures including perfect competition, monopoly, oligopoly, and monopolistic competition. It analyzes the characteristics and price determination processes for each structure. Porter's Five Forces model is also introduced to analyze industry competition. The document uses examples like airlines to demonstrate analyzing market structure, conduct, and performance. Homework is assigned to apply these concepts to analyze the structure-conduct-performance of another industry.
Oligopoly Market in Economics PPT
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This is for educational purpose only. If you own any of the content please let me know. We are not here to hurt anyone's emotion. Please try to co-operate and use this for educational purposes only.
Market structure
This document discusses market structure and its components. It defines market structure as the characteristics of a market that influence how buyers and sellers interact and behave. The key components of market structure are the number of buyers and sellers, type of product, conditions of entry and exit, and availability of information. The main types of market structure discussed are perfect competition, monopoly, oligopoly, and monopolistic competition. Perfect competition has many buyers and sellers and a homogeneous product. A monopoly has a single seller. Oligopoly and monopolistic competition are forms of imperfect competition that deviate from perfect competition.
Monopolistic competition
The Contents Are:
Monopoly
Perfect Competition
Imperfect Competition
Oligopoly
Monopolistic Competition:
Characteristics Of Monopolistic Competition
Monopolistic Competitive Firm Earing Profit In Short Run
Monopolistic Competitive Firm Losses In Short Run
Monopolistic Competition In Long Run
Monopolistic Competition And The Welfare Of Society
Advertising
The Critique Of Advertising
The Defence Of Advertising
Theory of the firm
This document provides an overview of theories related to firm behavior, including:
- Apple has been very successful while Japanese Airlines (JAL) recently declared bankruptcy with large debts.
- Economists can provide advice to firms on price, output, profit, and costs to maximize profits and efficiency.
- Theories of the firm aim to understand optimal pricing, production, and profits based on costs, revenues, and market structure.
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.
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
pure monopoly
A pure monopoly exists when a single firm is the sole producer of a product with no close substitutes. A pure monopolist faces a downward-sloping demand curve and is a price maker. It controls total supply and has influence over price. Entry into the industry is blocked. A pure monopolist maximizes profits by producing at the quantity where marginal revenue equals marginal cost and setting the price on the demand curve corresponding to that quantity of output. This generally results in a smaller quantity and higher price than under perfect competition.
Oligopoly and Collusion
1) Collusion between businesses aims to maximize joint profits by restricting output and fixing higher prices. This lowers costs from competition but reduces uncertainty.
2) When there are a few dominant firms in an oligopoly, they can engage in restrictive practices like price fixing through cooperation. This allows them to set prices above costs for higher profits.
3) Price fixing cartels are more likely to form when industries have weak regulation, communication between firms is good, and products are standardized, making coordination easier. However, cartels are unstable due to incentives for some firms to cheat and overproduce.
Market Structure
The document discusses different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It examines factors that determine market structure such as the number of firms, product differentiation, control over price, and barriers to entry/exit. Market structure influences firms' pricing and output decisions. The document also explores topics like non-price competition, government regulation, and balancing private vs public interests.
Oligopoly
This document discusses oligopolies, which are markets with only a few sellers. It notes that oligopolies exist between perfect competition and monopoly. Oligopolies are characterized by interdependent firms with incentives both to cooperate like a monopoly and compete with each other. The document uses game theory concepts like the prisoner's dilemma to explain why cooperation is difficult for oligopolists seeking individual profit maximization. Antitrust policy aims to prevent anticompetitive behavior and encourage more competitive outcomes in oligopolistic markets.
Presentation - Market structure (incomplete)
The document defines the four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms and buyers producing identical goods. A monopoly features a single seller of unique goods without close substitutes. Monopolistic competition involves many firms selling differentiated goods. Oligopoly describes an industry with a small number of large firms that interact strategically. Examples are provided for each type as well as their key characteristics regarding competition, pricing, and profitability.
Central economic problem
The document discusses three central economic problems faced by all economies: (1) what to produce, (2) how to produce, and (3) for whom to produce. It provides details on each problem, including that economies must allocate scarce resources efficiently among competing uses to maximize societal wants. The problems involve deciding which goods and quantities to produce, which production techniques to use, and how to distribute goods among consumers. Pareto optimality is discussed as an allocation from which no individual can be made better off without making another individual worse off.
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.
natural monopoly
A monopoly is a firm that is the sole seller of a product without close substitutes and faces barriers to entry. There are three sources of barriers to entry: owning a key resource, government protections like patents, and natural monopoly. A natural monopoly exists when economies of scale mean a single firm can supply a market more efficiently than multiple firms. Utilities like electricity are often natural monopolies. Unregulated, a natural monopoly would produce where marginal revenue equals marginal cost, resulting in deadweight loss from underproduction. Regulated, a natural monopoly could be required to produce where price equals marginal cost, the efficient quantity, but would suffer losses requiring subsidy. Compromises include allowing a normal rate of return to limit profits and incentives problems but
Lesson plan 1 market structures - power point - duke
This document discusses different market structures and concepts related to competition and market power. It defines market power as the influence a buyer or seller can exert over price. It then describes different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. For each structure it provides examples of industries that operate within that structure and key characteristics such as number of firms, barriers to entry, and firms' ability to influence price. The document also discusses how oligopolies can grow legally and provides examples of conglomerate firms. Finally, it briefly discusses antitrust laws and price discrimination as a way for monopolists to maximize profits.
Monopolies and oligopolies
A monopoly exists when there is a single supplier in a market with many buyers, allowing the supplier to charge high prices. Natural monopolies form in industries where it is most efficient to have a single large firm, such as utilities, and governments often regulate these. Government can also create monopolies by granting patents or franchises. Major League Baseball has an antitrust exemption allowing it to limit the number and location of teams. Monopolistic competition features differentiated products from many similar companies, like jeans or ice cream stores. Oligopolies are dominated by a few large firms that sometimes collude to limit competition through practices like price fixing, which is illegal.
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Market structure
This document discusses different types of market structures:
1. Perfect competition is characterized by many small sellers of identical products, price taking behavior, freedom of entry and exit. Potatoes sold at markets are an example.
2. Monopoly is dominated by a single seller of a unique product where entry is restricted, like Gillette razor blades.
3. Monopolistic competition involves differentiated products that are close substitutes, like various shoe brands.
4. Oligopoly has a small number of interdependent sellers that recognize how their actions impact rivals, like instant noodle brands in India. Duopoly is a specific type of oligopoly with two dominant firms, like Pepsi and Coke in soft drinks
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.
Price discrimination (made understandable)
This document discusses different types of price discrimination. It provides examples of first degree price discrimination where individual customers are charged different prices based on their willingness to pay. Second degree discrimination involves offering different packages or versions of products at various price points. Non-linear pricing, versioning, and bundling are examples. Third degree discrimination sets different prices for identifiable customer groups based on characteristics like location, age, or profession. The document aims to explain price discrimination and how it can increase profits for companies.
Monopoly, Monopolistic Competition and Oligopoly
This document discusses different market structures: monopoly, monopolistic competition, and oligopoly. For monopoly, it describes characteristics like a single seller, barriers to entry, and profit maximization where marginal revenue equals marginal cost. Monopolistic competition has many firms that produce differentiated products and free entry/exit. Oligopoly has a few sellers producing either homogeneous or differentiated products and difficult market entry.
Perfect competition in long run
The document discusses the concept of perfect competition in three main points:
1. Perfect competition describes a market structure where competition is at its highest level, with many small firms, homogeneous products, free entry and exit, and perfect information.
2. Under perfect competition, firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost.
3. In the long run, if profits are above normal, more firms will enter the market, increasing supply and driving prices and profits back down to normal.
Market structure
This document provides an overview of market structure and competition. It discusses the Structure-Conduct-Performance model and different market structures including perfect competition, monopoly, oligopoly, and monopolistic competition. It analyzes the characteristics and price determination processes for each structure. Porter's Five Forces model is also introduced to analyze industry competition. The document uses examples like airlines to demonstrate analyzing market structure, conduct, and performance. Homework is assigned to apply these concepts to analyze the structure-conduct-performance of another industry.
Oligopoly Market in Economics PPT
This PPT includes Oligopoly Market. It is explained in detail.
This is for educational purpose only. If you own any of the content please let me know. We are not here to hurt anyone's emotion. Please try to co-operate and use this for educational purposes only.
Market structure
This document discusses market structure and its components. It defines market structure as the characteristics of a market that influence how buyers and sellers interact and behave. The key components of market structure are the number of buyers and sellers, type of product, conditions of entry and exit, and availability of information. The main types of market structure discussed are perfect competition, monopoly, oligopoly, and monopolistic competition. Perfect competition has many buyers and sellers and a homogeneous product. A monopoly has a single seller. Oligopoly and monopolistic competition are forms of imperfect competition that deviate from perfect competition.
Monopolistic competition
The Contents Are:
Monopoly
Perfect Competition
Imperfect Competition
Oligopoly
Monopolistic Competition:
Characteristics Of Monopolistic Competition
Monopolistic Competitive Firm Earing Profit In Short Run
Monopolistic Competitive Firm Losses In Short Run
Monopolistic Competition In Long Run
Monopolistic Competition And The Welfare Of Society
Advertising
The Critique Of Advertising
The Defence Of Advertising
Theory of the firm
This document provides an overview of theories related to firm behavior, including:
- Apple has been very successful while Japanese Airlines (JAL) recently declared bankruptcy with large debts.
- Economists can provide advice to firms on price, output, profit, and costs to maximize profits and efficiency.
- Theories of the firm aim to understand optimal pricing, production, and profits based on costs, revenues, and market structure.
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.
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
pure monopoly
A pure monopoly exists when a single firm is the sole producer of a product with no close substitutes. A pure monopolist faces a downward-sloping demand curve and is a price maker. It controls total supply and has influence over price. Entry into the industry is blocked. A pure monopolist maximizes profits by producing at the quantity where marginal revenue equals marginal cost and setting the price on the demand curve corresponding to that quantity of output. This generally results in a smaller quantity and higher price than under perfect competition.
Oligopoly and Collusion
1) Collusion between businesses aims to maximize joint profits by restricting output and fixing higher prices. This lowers costs from competition but reduces uncertainty.
2) When there are a few dominant firms in an oligopoly, they can engage in restrictive practices like price fixing through cooperation. This allows them to set prices above costs for higher profits.
3) Price fixing cartels are more likely to form when industries have weak regulation, communication between firms is good, and products are standardized, making coordination easier. However, cartels are unstable due to incentives for some firms to cheat and overproduce.
Market Structure
The document discusses different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It examines factors that determine market structure such as the number of firms, product differentiation, control over price, and barriers to entry/exit. Market structure influences firms' pricing and output decisions. The document also explores topics like non-price competition, government regulation, and balancing private vs public interests.
Oligopoly
This document discusses oligopolies, which are markets with only a few sellers. It notes that oligopolies exist between perfect competition and monopoly. Oligopolies are characterized by interdependent firms with incentives both to cooperate like a monopoly and compete with each other. The document uses game theory concepts like the prisoner's dilemma to explain why cooperation is difficult for oligopolists seeking individual profit maximization. Antitrust policy aims to prevent anticompetitive behavior and encourage more competitive outcomes in oligopolistic markets.
Presentation - Market structure (incomplete)
The document defines the four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms and buyers producing identical goods. A monopoly features a single seller of unique goods without close substitutes. Monopolistic competition involves many firms selling differentiated goods. Oligopoly describes an industry with a small number of large firms that interact strategically. Examples are provided for each type as well as their key characteristics regarding competition, pricing, and profitability.
Central economic problem
The document discusses three central economic problems faced by all economies: (1) what to produce, (2) how to produce, and (3) for whom to produce. It provides details on each problem, including that economies must allocate scarce resources efficiently among competing uses to maximize societal wants. The problems involve deciding which goods and quantities to produce, which production techniques to use, and how to distribute goods among consumers. Pareto optimality is discussed as an allocation from which no individual can be made better off without making another individual worse off.
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.
natural monopoly
A monopoly is a firm that is the sole seller of a product without close substitutes and faces barriers to entry. There are three sources of barriers to entry: owning a key resource, government protections like patents, and natural monopoly. A natural monopoly exists when economies of scale mean a single firm can supply a market more efficiently than multiple firms. Utilities like electricity are often natural monopolies. Unregulated, a natural monopoly would produce where marginal revenue equals marginal cost, resulting in deadweight loss from underproduction. Regulated, a natural monopoly could be required to produce where price equals marginal cost, the efficient quantity, but would suffer losses requiring subsidy. Compromises include allowing a normal rate of return to limit profits and incentives problems but
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Similar to Lesson plan 1 market structures - power point - duke
Lesson plan 1 market structures - power point - duke
This document discusses different market structures and concepts related to competition and market power. It defines market power as the influence a buyer or seller can exert over price. It then describes different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. For each structure it provides examples of industries that operate within that structure and key characteristics such as number of firms, barriers to entry, and firms' ability to influence price. The document also discusses how oligopolies can grow legally and provides examples of conglomerate firms. Finally, it briefly discusses antitrust laws and price discrimination as a way for monopolists to maximize profits.
Monopolies and oligopolies
A monopoly exists when there is a single supplier in a market with many buyers, allowing the supplier to charge high prices. Natural monopolies form in industries where it is most efficient to have a single large firm, such as utilities, and governments often regulate these. Government can also create monopolies by granting patents or franchises. Major League Baseball has an antitrust exemption allowing it to limit the number and location of teams. Monopolistic competition features differentiated products from many similar companies, like jeans or ice cream stores. Oligopolies are dominated by a few large firms that sometimes collude to limit competition through practices like price fixing, which is illegal.
Monopolistic competition - The Four Types of Market Structure - Economics
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms.[1][2] In the presence of coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Textbook examples of industries with market structures similar to monopolistic competition include restaurants, cereal, clothing, shoes, and service industries in large cities. The "founding father" of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the subject, Theory of Monopolistic Competition (1933).[3] Joan Robinson published a book The Economics of Imperfect Competition with a comparable theme of distinguishing perfect from imperfect competition.
Monopolistically competitive markets have the following characteristics:
There are many producers and many consumers in the market, and no business has total control over the market price.
Consumers perceive that there are non-price differences among the competitors' products.
There are few barriers to entry and exit.[4]
Producers have a degree of control over price.
economics #ucp
What is 'Monopolistic Competition'
Characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in the industry are low, and the decisions of any one firm do not directly affect those of its competitors. All firms have the same, relatively low degree of market power; they are all price makers. In the long run, demand is highly elastic, meaning that it is sensitive to price changes. In the short run, economic profit is positive, but it approaches zero in the long run. Firms in monopolistic competition tend to advertise heavily.
BREAKING DOWN 'Monopolistic Competition'
Monopolistic competition is a middle ground between monopoly, on the one hand, and perfect competition (a purely theoretical state), on the other, and combines elements of each. It is a form of competition that characterizes a number of industries that are familiar to consumers in their day-to-day lives. Examples include restaurants, hair salons, clothing and consumer electronics. To illustrate the characteristics of monopolistic competition, we'll use the example of household cleaning products.
Pricing theory
This document discusses different market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It provides details on the key features of each structure, including how pricing is determined. For perfect competition, the market price is determined by supply and demand. A monopoly is characterized by a single seller. Monopolistic competition involves differentiated products and imperfect competition. Oligopoly is dominated by a small number of large sellers, with features like product branding and interdependent decision-making. Examples are provided for each market structure type.
Models_of_Competition.ppt
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.
Imperfect competion 2
This document discusses different market structures including imperfect competition. It provides examples of monopolistic competition, oligopoly, and monopoly. For monopolistic competition, it describes characteristics like differentiated products, freedom of entry/exit, and firms having control over prices while facing downward sloping demand curves. For oligopoly, it notes the interdependence between a small number of firms. The document also discusses the Cournot model of duopoly and provides the De Beers diamond cartel as an example of collusion between firms.
Market structure
Market structure refers to characteristics of a market such as the number of buyers and sellers, level of competition, product differentiation, and barriers to entry and exit. The main types of market structure discussed are monopolistic competition, oligopoly, duopoly, oligopsony, monopoly, and perfect competition. Each market structure is defined by the number of firms, level of product differentiation, and barriers to entry and exit. Examples of each market structure are also provided.
Oligopoly Assignment
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.
Economics
1. The document discusses different types of market structures in economics including exchange economy, monopoly, oligopoly, and monopolistic competition.
2. An exchange economy refers to an interaction between agents who can exchange products based on a price system. There are two types - pure exchange economy and exchange economy with production.
3. A monopoly is dominated by one firm/entity and has no competition, which can lead to high costs for consumers. Oligopoly has a small number of firms that generate the supply and are interdependent on each other's actions. Monopolistic competition combines elements of monopoly and competition through product differentiation.
Market Structure.wewrtfghgdsvbncvbdfgdfg
Market structures vary based on the number and size of firms in an industry, the type of products produced, and the level of competition. There are four main types of market structures: perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition is theoretical with many small firms, homogeneous products, and no barriers to entry or exit. Monopolistic competition has many firms producing differentiated products. Oligopoly has a small number of large firms, and monopoly has a single dominant firm producing unique products with no close substitutes.
Chapter 11: How Businesses Compete
The document discusses different market structures including pure competition, monopolistic competition, oligopoly, and monopoly. It describes the key characteristics of each structure such as the number of firms, ability to set prices, product differentiation, and ease of entry. It also provides examples of industries that operate under each market structure. Finally, it briefly discusses mergers, branding, and the four P's of marketing - product, price, promotion, and place.
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This document provides information about different types of market forms: monopoly, monopolistic competition, and oligopoly. It defines each type and provides examples. It also discusses the effects of each market form on consumers, including advantages and disadvantages. Case studies are presented on the Indian railways (monopoly), gym industry (monopolistic competition), and automobile industry in India (oligopoly). The document aims to educate about market forms and analyze real-world examples.
Prinecomi lectureppt ch12
Monopolistic competition is characterized by many firms differentiating their products and free entry and exit. While firms have some market power, in the long run free entry prevents economic profits. Firms set price above marginal cost, resulting in excess capacity. Advertising is used to further differentiate products but can increase costs for all firms.
Chapter7.ppt
The document discusses different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It provides details on the key characteristics of each structure such as the number of firms, level of control over prices, and examples. Perfect competition has many small firms, undifferentiated products, no control over prices or barriers to entry. Monopolistic competition has many firms but differentiated products giving some control over prices. Oligopoly has a few dominant firms that can influence prices through collusion. Monopoly has a single firm with complete control over prices.
oligoploy_(1)_(1)[1].pptx
Oligopoly is a market structure with only a few firms that dominate the market. The document discusses the key characteristics of oligopoly markets including interdependence between firms and barriers to entry. It provides examples of oligopolies in various industries such as smartphones, soft drinks, and automobiles. The Nash equilibrium is discussed as the situation where firms choose outputs to maximize their own profits given competitors' outputs.
Mba 1 me u 2.2 marketstructure
Market structure identifies how competitive a market is based on factors like the number of firms, product differentiation, barriers to entry, and firms' control over price. Market structures range from perfect competition with many small firms and identical products, to monopoly with a single dominant firm. Oligopoly and monopolistic competition are between these extremes, featuring a small number of large firms or many firms with some product differentiation. The model used depends on industry characteristics, but no single model perfectly describes reality.
Market price and output determinantion
This document discusses different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It provides examples of how demand curves differ between these market structures. Barriers to entry and reasons for monopoly are explained. The characteristics and long-run equilibrium of monopolistic competition are summarized. Different models of oligopoly are outlined, including collusive models like cartels and price leadership, and non-collusive models like Cournot's duopoly model and the kinked demand curve model.
Monopolistic market
Monopolistic competition is an imperfect market structure with many sellers producing differentiated products. Edward Chamberlin is considered the founder of the theory of monopolistic competition. Key characteristics include product differentiation, free entry and exit, and firms having some control over pricing. Examples include fast food, clothing, and hairstylists. In the short run, firms maximize profits by producing where marginal revenue equals marginal cost. In the long run, entry by other firms shifts demand, so firms can no longer price above average costs and earn pure economic profits.
Monopoly
DeBeers Diamond Company is a classic example of monopoly. It controls 80% of the world's diamond production and has substantial influence over diamond prices. DeBeers maintains its monopoly power through heavy advertising that positions diamonds as unique and differentiated from other gems in consumers' minds. While monopolies are typically undesirable due to high prices and low output, DeBeers' monopoly allows it to earn substantial profits from the global diamond market.
Bsc agri 2 pae u-3.1 marketstructure
Market structure identifies how a market is composed in terms of the number of firms, nature of products, degree of monopoly power, and barriers to entry. Markets range from perfect competition to pure monopoly based on imperfections. The level of competition affects consumer benefits and firm behavior. While models simplify reality, they provide benchmarks to analyze real world situations, where regulation may influence firm actions.
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Lesson plan 1 market structures - power point - duke
- 2. Market Power Market power: The influence that any particular buyer or seller can exercise over the price of the product. Ex. These dominate in their respective markets. Apple 80% Coca Cola 44% Nike 35%
- 3. Perfect Competition • Large number of firms producing the same/identical product. • Price is set by buyer. • Each firm’s production level does not influence the price. “Price Takers” -Agriculture Ex. Strawberries, wheat, poultry -Gold -Oil -Stock market • Few barriers to entry.
- 4. Monopolistic Competition Many firms compete to sell products that are similar but not identical. Differentiated products. Slight control over price. • Few barriers to entry Ex. -Jeans -Sun Glasses -Watches
- 5. Oligopoly Market dominated by a few large profitable firms. (3-4 control 70-80%). Little or no true priceprice competition. Firms are interdependent Ex. -Airline Industry -Breakfast Cereal -Soft Drinks • Significant barriers to entry (start up costs high).
- 6. How do firms in an oligopoly control their respective industries? Predatory Pricing- selling a product below cost to drive competitors out of the market. Illegal Collusion- an agreement among firms to set prices. Illegal
- 7. They buy other businesses! Conglomerate- a business combination merging more than three businesses that make unrelated products. How do oligopolies continue to grow legally without becoming a monopoly?
- 8. Examples GILLETTE 1. Razors/shaving accessories - #1 in U.S. - 70% market share 2. Batteries- #1 in U.S. - 50% market share Duracell 3. Deodorant- #2 in U.S. Right Guard
- 9. More Examples SARA LEE 1. Baked Goods- #2 bakery in the U.S. 2. Packaged Meat- major provider to food service Hilshire Farm, Jimmy Dean – “Go Meat!” 3. Apparel- #1 intimate wear provider in U.S. Beefy T, Hanes, Playtex
- 10. Monopoly A market dominated by a single seller. Barriers prevent firms from entering the market. High prices = no competition. Natural Monopoly: Most efficient (lowest long-run average cost) for production in a single firm. Ex. Gas Company Government Monopoly: patent, license, franchise. Ex. Public Water.
- 12. Horizontal Monopoly Pepsi Coke Royal Cola Seven Up
- 13. L WIO Competition and Market Power
- 15. Price Discrimination Price Discrimination: Dividing consumers into two or more groups and charging a different price to each groups. -Everyone has his or her own maximum price. -Monopolists can attract more consumers and maximize profits because they are capturing each consumers maximum price
- 16. Examples of Price Discrimination (remember consumer surplus?) Senior Citizen Discount Kids Discount They still take up a seat Ladies Night Coupons/ “Kohl’s Cash” ASB College Tuition Can you think of others?
- 17. How to Make the Most Through Price Discrimination Your cereal manufacturer knows that some of its customers pay lots of attention to prices, while others don't. If it were to cut its price, then only the price-sensitive customers would respond by buying more. The price cut would be wasted (from the firm's point of view) on those shoppers who don't pay attention to prices. Coupons are a clever way of giving a break just to the price-sensitive shoppers. By creating all of the hassles you described, manufacturers see to it that only very price- sensitive customers are going to end up using their coupons. This targets the price cut on just those people who will be most responsive to it.
- 18. The Government can Limit Market Power