This document discusses different types of market structures:
- Perfect competition is characterized by many small firms, homogeneous products, no barriers to entry or exit, and perfect information. Firms are price takers.
- Imperfect markets include monopoly, oligopoly, and monopolistic competition. A monopoly has a single seller. Oligopoly has a small number of interdependent firms. Monopolistic competition features differentiated products.
- Monopsony and oligopsony describe markets with only one or a small number of buyers rather than sellers.
Price Discrimination, Types of Price Discrimination , Condition of Price Discrimination , When Price discrimination is possible, Degree of Price Discrimination, Dumping
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.
Price Discrimination, Types of Price Discrimination , Condition of Price Discrimination , When Price discrimination is possible, Degree of Price Discrimination, Dumping
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.
UNIT - IV: MARKET STRUCTURE AND PRICING PRACTICES: Features and Types of
different Competitive Situations – Price-Output Determination in Perfect Competition –
Monopoly - Monopolistic Competition and Oligopoly both in the long run and short run;
PRICING PHILOSOPHY: Pricing methods and Strategies.
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Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Market-Structure.pdf
1. This chapter covers the types of market such as
perfect competition, monopoly, oligopoly and
monopolistic competition, in which business
firms operate.
2. Basically, when we hear the word market, we think of a
place where goods are being bought and sold.
In economics, market is a place where buyers and
sellers are exchanging goods and services with the
following considerations such as:
• Types of goods and services being traded
• The number and size of buyers and sellers in the market
• The degree to which information can flow freely
4. Perfect Market is a market situation which
consists of a very large number of buyers
and sellers offering a homogeneous
product. Under such condition, no firm can
affect the market price. Price is determined
through the market demand and supply of
the particular product, since no single buyer
or seller has any control over the price.
5. Perfect Competition is built on two critical
assumptions:
The behavior of an individual firm
The nature of the industry in which it
operates
The firm is assumed to be a price taker
The industry is characterized by freedom of
entry and exit
6. Industry
• Normal demand and supply curves
• More supply at higher price
Firm
• Price takers
• Have to accept the industry price
7. Perfect Competition cannot be found in the real
world. For such to exist, the following conditions
must be observed and required:
A large number of sellers
Selling a homogenous product
No artificial restrictions placed upon price or
quantity
Easy entry and exit
All buyers and sellers have perfect knowledge of
market conditions and of any changes that occur
in the market
Firms are “price takers”
8. There are very many small firms
All producers of a good sell the same product
There are no barriers to enter the market
All consumers and producers have ‘perfect
information’
Firms sell all they produce, but they cannot set
a price.
9. The firm’s objective is to produce the level of
output that will maximize profit
Some inputs are variable and therefore fixed
costs arise regardless whether the firm is
operating or not
Since the firm is a price taker, it has no
control on the price of a product
10.
11. All inputs and costs
of production are
variable
The firm can build
most appropriate
scale of plant to
produce the
optimum level of
output
12. In economic theory, imperfect competition is a
type of market structure showing some but not
all features of competitive markets.
Forms of imperfect competition include:
Monopoly
Oligopoly
Monopolistic competition
13. comes from a Greek word ‘monos’ which means
‘one’ and ‘polein’ means to ‘sell’
There is only one seller of goods or services
A monopoly should be distinguished from a cartel.
(Cartel refers to a market situation in which firms agree
to cooperate with one another to behave as if they
were a single firm and thus eliminate competitive
behavior among them.)
14. There is only one producer or seller of goods and
only one provider of services in the market.
New firms find extreme difficulty in entering the
market. The existing monopolist is considered
giant in its field or industry.
There are no available substitute goods or services
so that it is considered unique.
It controls the total supply of raw materials in the
industry and has no control over price.
It owns a patent or copyright.
Its operations are under economies of scale.
15. Monopolies are classified according to
circumstances they arise from, that is, cost
structure of the industry, possibly the result of
law, or by other means.
16. Natural Monopoly
is a market situation where is a single firm can supply
the entire market due to the fundamental cost
structure of the industry.
Legal Monopoly
is sometimes called as de jure monopoly, a form of
monopoly which the government grants to a private
individual or firm over the product or services.
Coercive Monopoly
is a form of monopoly whose existence as the sole
producer and distributor of goods and services is by
means of coercion (legal or illegal), so that most of
the time it violates the principle of free market just to
avoid competition.
17. A monopolist is
considered a price
maker, since he is the
sole seller of a
product that has no
close substitute in
the market.
18. In the long-run, all
inputs and costs are
variable, and the
monopolist can make
his optimal scale of
plant to make the best
level of output.
19. comes from the Greek word “oligo” which means
‘few’ and “polein” means ‘to sell’.
small number of sellers, each aware of the action
of others
All decisions depend on how the firms behave in
relation to each other
In oligopoly, conjectural interdependence is
present, that is, the decision of one firm influences
and are influenced by the decision of other firms in
the market.
20. There are a small number of firms in the
market selling differentiated or identical
products.
The firm has control over price because of the
small number of firms providing the entire
supply of a certain product.
There is an extreme difficulty for new
competitors to enter the market.
21. 1. Pure or Perfect Oligopoly
• If the firms produce homogeneous products
2. Imperfect or Differentiated Oligopoly
• If the firms produce differentiated products
3. Collusive Oligopoly
• If the firms cooperate with each other in determining price or
output or both
4. Non-collusive Oligopoly
• If firms in an oligopoly market compete with each other
22. Cartel is a formal agreement among oligopolists to
set-up a monopoly price, allocate output, and share
profit among members.
Collusion is a formal or an informal agreement
among oligopolists to adopt policies that will restrict
or reduce the level of competition in the market.
23. Kinked demand curve is defined as the
demand curve of the individual firm in
oligopolistic market. It has a “kink” at the
existing price caused by the firm’s
expectation of the actions its rivals are likely
to take if the firm changes its price.
24.
25. Market situation in which there are many sellers
producing highly differentiated products.
Monopolistic competition is also perfect
competition plus product differentiation.
Product differentiation gives each monopolistic
competitor some market power, since each
competitor can raise price slightly without losing
all its customers.
26. A large number of buyers and sellers in a given market
act independently.
There is a limited control of price because of product
differentiation.
Sellers offer differentiated products or similar but not
identical products.
New firms can enter the market easily. However, there is
a greater competition in the sense that new firms have
to offer better features of their products.
Economic rivalry centers not only upon price but also
upon product variation and product promotion.
27.
28.
29. A market situation in which there is only one buyer
of goods and services in the market. It is
sometimes considered analogous to monopoly in
which there is only one seller of goods and services
in the market.
Monopsony power gives them the ability to
control their unit cost for an input which is similar
to the way the monopoly controls their price.
30. A market situation where there are a small
number of buyers. This is usually with a small
number of firms competing to obtain the factors
of production.
Under this market situation, firms are buyers and
not sellers. This is sometimes analogous to
oligopoly, where there are few sellers.