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.
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.
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.
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.
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
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.
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
The presentation sums up the telecom sector in India till 2015 and how the oligopoly market wars goes between the top companies. Also the kinked demand curve that is generated due to oligopoly market analysis. It has got it all!
Students should be able to:
Use simple game theory to illustrate the interdependence that exists in oligopolistic markets
Understanding the prisoners’ dilemma and a simple two firm/two outcome model. Students should analyse the advantages/disadvantages of being a first mover
Students will not be expected to have an understanding of the Nash Equilibrium
Monopolistic competition - The Four Types of Market Structure - EconomicsFaHaD .H. NooR
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.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
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This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
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Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
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This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
1. OLIGOPOLY
Introduction:
An oligopoly is a market demanded by a few producers, each of which has control over
the market. It is an industry where there is a high level of market concentration. However
oligopoly is a best defined by the conduct of firms within a market rather than it’s market
structure.
Oligopoly:
An oligopoly is a situation where a few firms, with or without differentiated
products dominates the market. The reason for the small number of companies is the
extremely high cost of entering the industry. Because there are a few firms, there is little
incentive to compete based on price.
The Nature of Oligopoly: A Markets form where there are only a few firms in the industry but
there are many buyers."
- Producers
- Buyers
- Products
- Mutual Interdependence
- Price
- Competition
- Relationship between firms
- Economic Scale
Oligopolistic Market:
As a market characterized by a small number of producers who often act together to
control the supply of a particular good and its market price. e.g Motor van, Isfat, Elumenium,
Medicine, Electronic equipment, computer equipment etc.
Characteristics:
Few sellers offering similar or identical products
Interdependent firms
Best off cooperating and acting like a monopolist by producing a small quantity of output
and charging a price above marginal cost.
2. The Kinked Demand Curve:
An oligopolist who believes she will lose a substantial number of sales if she
reduces output and increases her price but will gain only a few additional sales if
she increases output and lowers his price, away from the tacit collusion outcome,
faces a kinked demand curve.
It illustrates how tacit collusion can make an oligopolist unresponsive to changes
in marginal cost within a certain range when those changes are unique to her.
Figure: The Kinked Demand Curve.
COMPARISON:
Oligopoly Monopoly Perfect Competition Monopolistic Competition
Innovative/ creative Expand to much Undifferentiated product Advertise and introduce
consumer to spend more.
Few firms Experience
diseconomy of scale
Consumers has
limited product
No control in price
Greater efficiency Increase in Ac Boring Consumers suffer more
No competition, No
innovation
Advantages:
Since there is few numbers of firms of producing a given product, they are competition
and competition into production of quality products and services.
There is also a high degree of collusion which results into combined efforts to
produce better services.
The oligopolist also believes that if
she lowers her output and raises his
price her rivals will refuse to
reciprocate and will steal a
substantial number of her customers,
leading to a large fall in sales. So her
demand curve is very flat to the left
of Q*. The kink in the demand curve
leads to the break XY in the marginal
revenue curve.
3. There is availability of information is a little bit easy in terms of costs as
compared to a monopoly market structure the level of advertisement is high and
persuasive, this provides information to consumers, suppliers retailers etc at
easily.
In such an industry there is easier entry and exit which is quiet better than that of
monopoly which is blocked.
The nature of products and services produced appear to be differentiated in such a
way they create variety, this could due to branding and change of shape though
the product remains the same.
lastly but not the list there major goal is profit maximization they easily reach this
goal low
Disadvantages:
1. Freedom of entry is restricted.
2. Consumer can’t control this market.
3. Sometimes consumer pays more money for the oligopoly’s product.
4. those who enter the oligopoly he must be millionaire.
Size of an Oligopoly and Market Outcome:
1. How increasing the number of sellers affects the price and quantity:
• The output effect: Because price is above marginal cost, selling more at the going
price raises profits.
• The price effect: Raising production lowers the price and the profit per unit on
all units sold.
2. As the number of sellers in an oligopoly grows larger . . .
• The market looks more and more like a competitive market.
• The price approaches marginal cost.
• The quantity produced approaches the socially efficient level.
Oligopoly in Practice:
The Legal Framework-
Oligopolies operate under legal restrictions in the form of antitrust policy. But many
succeed in achieving tacit collusion.
Tacit collusion is limited by a number of factors, including
large numbers of firms,
complex pricing, and
4. conflicts of interest among firms.
Why People Sometimes Cooperate
Firms in oligopolies have a strong incentive to collude in order to reduce production,
raise prices, and increase profits.
Firms that care about future profits will cooperate in repeated games rather than
cheating in a single game to achieve a one-time gain.
Conclusion:
An oligopoly may end up looking more like a monopoly or a competitive market,
depending on the number of firms. There is no certainty in how firms will compete in
Oligopoly; it depends upon the objectives of the firms, the contestability of the market
and the nature of the product.