Oligopoly Explained
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This document discusses the concept of oligopoly and provides examples. It defines oligopoly as a market structure with a few firms and many buyers. It notes that firms in an oligopoly are mutually interdependent and considers factors like price, competition, relationships between firms, and economic scale. It provides graphs to illustrate concepts like kinked demand curves and marginal revenue curves. It gives common examples of oligopolistic industries and compares oligopoly to monopoly, perfect competition, and monopolistic competition.
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An oligopoly is a market structure with few sellers who offer similar or differentiated products. There are two main types - pure oligopoly where products are homogeneous, and differentiated oligopoly where products vary. Key features include interdependent decision-making among sellers due to their awareness of how others will react. The kinked demand curve model shows how oligopolists may keep prices rigid in response to costs shifts to avoid starting a price war. Cartels are an extreme form of collusive oligopoly where firms jointly set price and output through agreements to maximize their total profits.
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This document discusses the concept of oligopoly and provides examples. It defines oligopoly as a market structure with a few firms and many buyers. It notes that firms in an oligopoly are mutually interdependent and considers factors like price, competition, relationships between firms, and economic scale. It provides graphs to illustrate concepts like kinked demand curves and marginal revenue curves. It gives common examples of oligopolistic industries and compares oligopoly to monopoly, perfect competition, and monopolistic competition.
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- Oligopoly is a market structure characterized by a small number of firms producing similar or differentiated products.
- There is mutual interdependence among oligopolistic firms as the actions of one firm influence and are influenced by competitors.
- A key feature of oligopoly is price leadership, where one dominant firm sets the market price that other firms generally follow.
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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.
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Oligopoly
This document provides an overview of oligopoly, including:
- Oligopoly is a market structure with a small number of producers dominating the market. Features include high barriers to entry, product differentiation, interdependence between firms, and indeterminate demand curves.
- The kinked demand curve model illustrates how firms in an oligopoly may match or not match price cuts by competitors. A single firm reducing price could gain market share, but risks retaliation that reduces overall profits.
- Case studies of industries like aviation and companies like GE demonstrate how oligopoly dynamics play out in practice, with firms engaging in strategic interactions around pricing, advertising, and investment decisions.
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An oligopoly is a market structure with few sellers who offer similar or differentiated products. There are two main types - pure oligopoly where products are homogeneous, and differentiated oligopoly where products vary. Key features include interdependent decision-making among sellers due to their awareness of how others will react. The kinked demand curve model shows how oligopolists may keep prices rigid in response to costs shifts to avoid starting a price war. Cartels are an extreme form of collusive oligopoly where firms jointly set price and output through agreements to maximize their total profits.
Oligopoly Presentation
This document discusses the concept of oligopoly and provides examples. It defines oligopoly as a market structure with a few firms and many buyers. It notes that firms in an oligopoly are mutually interdependent and considers factors like price, competition, relationships between firms, and economic scale. It provides graphs to illustrate concepts like kinked demand curves and marginal revenue curves. It gives common examples of oligopolistic industries and compares oligopoly to monopoly, perfect competition, and monopolistic competition.
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- Oligopoly is a market structure characterized by a small number of firms producing similar or differentiated products.
- There is mutual interdependence among oligopolistic firms as the actions of one firm influence and are influenced by competitors.
- A key feature of oligopoly is price leadership, where one dominant firm sets the market price that other firms generally follow.
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This document discusses oligopoly and efficiency. It defines oligopoly as a market controlled by a small group of firms, similar to a monopoly but with at least two controlling firms. The key characteristics of an oligopoly include industry dominance by a few large firms, entry barriers that discourage new competition, and products that are either homogeneous or differentiated. Firms in an oligopoly also exhibit price rigidity, strategic interdependence where decisions consider rivals' reactions, and high advertising costs. The document then explains the concepts of productive and allocative efficiency and states that oligopolies tend not to be efficiently productive or allocatively efficient, instead sharing monopoly profits, though increased competition can mitigate these inefficiencies.
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This document provides an overview of oligopoly, including:
- Oligopoly is a market structure with a small number of producers dominating the market. Features include high barriers to entry, product differentiation, interdependence between firms, and indeterminate demand curves.
- The kinked demand curve model illustrates how firms in an oligopoly may match or not match price cuts by competitors. A single firm reducing price could gain market share, but risks retaliation that reduces overall profits.
- Case studies of industries like aviation and companies like GE demonstrate how oligopoly dynamics play out in practice, with firms engaging in strategic interactions around pricing, advertising, and investment decisions.
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This document provides an overview of monopolistic competition and oligopoly market structures. It discusses key characteristics of each including:
1) Monopolistic competition is characterized by many small sellers, differentiated products, and easy entry and exit. Firms compete through non-price factors like advertising and product quality.
2) Oligopoly is dominated by a few large firms producing either homogeneous or differentiated products. Entry is difficult due to barriers like economies of scale. Firms must consider competitors' potential reactions in their pricing decisions.
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- Compared to perfect competition, monopolistic competition results in excess capacity and prices above marginal cost, reducing efficiency. However, policy solutions are difficult given firms earn zero profits.
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1) Monopolistic competition is characterized by many small sellers, differentiated products, and easy entry and exit. Firms compete through non-price factors like advertising and product quality.
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3) Game theory, such as the prisoner's dilemma, can model strategic interactions between oligopolistic competitors who are mutually interdependent. Firms must choose strategies without communicating directly with rivals.
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- Compared to perfect competition, monopolistic competition results in excess capacity and prices above marginal cost, reducing efficiency. However, policy solutions are difficult given firms earn zero profits.
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Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
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The document is a presentation by a group called SHADOW on the topic of "Imperfect Competition And Monopoly". It defines imperfect competition and lists the major types as monopoly, oligopoly, and monopolistic competition. It describes monopoly as a single seller controlling an industry, and oligopoly as having a small number of firms that can influence the market price. Monopolistic competition involves many differentiated products where firms have control over prices but face a downward sloping demand curve. The sources of market imperfection are costs and barriers to entry, with barriers including government restrictions, high startup costs, and product differentiation through advertising.
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Luxottica is a large Italian company that dominates the eyewear industry through its control of major brands like Ray-Ban and Oakley. It owns over 80% of the eyewear market and controls brands, manufacturing, and retail distribution through stores like Sunglass Hut. Luxottica was able to grow its monopoly power through acquisitions of competitors like Oakley and by leveraging licensing deals and retail dominance to control distribution and pricing. Its monopoly position allows it to set high prices for eyewear that are a major markup from manufacturing costs.
Duopoly
This document provides an overview of duopoly, which is defined as a market situation where two companies control nearly all of the market for a given product or service. Key points made include:
- A duopoly has two firms that have strong price control and create barriers to entry for new competitors.
- Advantages can include close competition between the two firms, but disadvantages include the difficulty of new firms entering the market and a potential lack of innovation.
- Examples given of duopolies include Boeing and Airbus in passenger airplanes, and Amazon and Apple in e-books.
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Oligopoly is a market structure with a small number of firms that interact strategically. Firms must consider competitors' actions when making decisions. Entry is difficult due to requirements for large investments. Firms may produce homogeneous or differentiated products. Pricing is complex and interdependent, as firms watch each other closely to avoid price wars. Collusion, either explicitly through cartels or tacitly, often emerges to increase profits through coordinated pricing and output decisions.
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This document defines and describes the key characteristics of an oligopoly market structure. An oligopoly is characterized by a market with a small number of large firms that dominate the industry. There are barriers to entry for new competitors. Firms in an oligopoly may engage in collusive pricing behaviors like price fixing, or they may follow a price leader. Pricing in oligopolies can also follow a "kinked demand curve" model where firms will match price cuts but not price increases from competitors.
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Agri 2312 chapter 9 market equilibrium and product price imperfect competition
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Oligopoly Lecture Notes (Economics)
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We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
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Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
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Price determination under oligopoly
1. Oligopoly is a market structure with few sellers offering similar or differentiated products where the sellers recognize their interdependence.
2. Under oligopoly, firms may engage in independent pricing, collusive pricing through explicit or implicit coordination, or price leadership where one dominant firm sets the price.
3. Sweezy's kinked demand curve model suggests that under oligopoly, prices tend to be rigid because firms will match price cuts but not price increases to avoid losing customers. However, the model makes unrealistic assumptions and fails to consider non-price competition.
Collusion and Cartels in Oligopoly
This document summarizes a lecture about collusion and cartels in oligopoly markets. It introduces dynamic game theory concepts like subgame perfect equilibrium and discusses their application to models of collusion. Specifically, it analyzes whether cooperation can occur in infinitely and finitely repeated Cournot oligopoly games. It finds that if firms are sufficiently patient, with high enough discount rates, then strategies involving periodic cooperation and punishment for deviation can constitute a subgame perfect equilibrium, supporting collusive outcomes.
The Importance of Elasticity of Demand & Supply (MBA MicroEconomics)
Importance of Elasticity of Demand & Supply explained through real world examples like Big Bazaar, Indian Aviation Sector, Diesel-Cars, Email Marketing, Practical applications and factors affecting it.
Oligopoly Presentation
This document discusses different market structures including oligopoly, monopolistic competition, monopoly, and perfect competition. It notes that in an oligopoly, firms face a kinked demand curve where small price increases result in elastic demand but large increases face inelastic demand. The document also mentions marginal revenue curves, marginal cost curves, and how the relationship between the two determines whether a firm earns normal profit, abnormal profit, or suffers a loss.
Starbucks swot analysis 2016 (FREE)
A free version of Starbucks Corporation SWOT analysis 2016. To get the full presentation buy the SWOT here: https://www.strategicmanagementinsight.com/swot-analyses/starbucks-swot-analysis.html
Oligopoly - The Kinked Demand Curve
This document discusses oligopolies, which are markets dominated by a few large firms. It covers key concepts like collusion, price leadership, and the prisoners' dilemma. It explains how oligopolistic firms are interdependent and face a kinked demand curve. This leads to price rigidity even when costs change. As price competition is limited, firms compete through non-price factors like innovation, branding, and promotions. Examples show concentration in industries like petrol, cinema, and mobile phones. Price wars can boost sales but hurt profits. Overall, economies of scale, mergers, and barriers to entry tend to increase market concentration over the long-run.
Monopolistic Competition
A2 Microeconomics: This is a revision presentation on aspects of monopolistic competition designed for A2 business economics students
Starbucks
Starbucks is a global coffee company that operates over 19,000 stores worldwide. It started as a small coffee bean roaster in Seattle in 1971. Under new leadership in the 1980s, Starbucks expanded and pioneered the coffee shop concept. Today it sells coffee, tea, food items and coffee brewing equipment across 62 countries. Starbucks positions itself as an upscale brand that provides customers with a unique experience in its stores. It focuses on high quality coffee and customer service to drive its continued global success.
Market Structure and Types of Market Structure
This document discusses different types of market structures: pure competition, monopoly, monopolistic competition, and oligopoly. It provides key characteristics of each structure, including the number and size of buyers and sellers, product differentiation, barriers to entry/exit, and pricing behavior. Pure competition has many small firms and sellers producing homogeneous products. A monopoly has a single seller of unique products with no close substitutes. Monopolistic competition features many firms making differentiated products. Oligopoly involves a small number of large firms producing standardized or differentiated goods.
Oligopoly
1) Oligopoly is characterized by a small number of firms (3-9) that produce either homogeneous or differentiated products. The actions of each firm influence and depend on the actions of other firms in the market.
2) Sweezy's kinked demand curve model of oligopoly explains price rigidity. It assumes firms have downward sloping demand curves and will match price cuts but not price increases. This results in a "kinked" demand curve shape.
3) Firms may engage in collusion, price leadership, or mergers to reduce competition and act like a monopoly. However, collusion is difficult to maintain and illegal. Price leadership designates the largest firm as the price setter
perfect competition, monopoly, monopolistic and oligopoly
Price determination under different market structure and characterstics of all these market stractures along with graphical presentation of Perfect competition, Monopoly, Monopolistic and Oligopoly market structue
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perfect competition, monopoly, monopolistic and oligopoly
perfect competition, monopoly, monopolistic and oligopoly
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This document defines and provides examples of an oligopoly market structure. An oligopoly exists when there are a few dominant firms in an industry serving many buyers. Key aspects of oligopolies include mutual interdependence between firms, inelastic demand curves, and examples like wireless carriers, supermarkets, and electronics manufacturers. The document also contrasts oligopolies with other market structures and discusses pricing strategies in an oligopolistic market.
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The document discusses market structure and different types of market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It provides characteristics of each market structure type and diagrams to illustrate the demand, cost, output, and profit relationships under each structure. Market structure is determined by the number of firms, degree of product differentiation, barriers to entry/exit, and firms' control over pricing and output levels. The degree of competition decreases from perfect competition to monopoly.
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The document discusses different market structures including perfect competition, monopoly, monopolistic competition, oligopoly, and duopoly. It describes the key characteristics of each structure such as the number and size of firms, level of control over price, barriers to entry/exit, product homogeneity, and profit levels. More competitive structures have many small firms, undifferentiated products, free entry/exit while less competitive structures have few dominant firms, differentiated products, and high barriers to entry.
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The document discusses market structure and defines its key characteristics. It presents a spectrum ranging from perfect competition to pure monopoly based on the degree of competition. Perfect competition has many small firms, homogeneous products, free entry and exit, and firms as price takers. Pure monopoly is at the other end with a single firm, no good substitutes, and barriers to entry. In between are monopolistic competition and oligopoly. The characteristics and models are described to analyze real world industries.
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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.
Lesson plan 1 market structures - power point - duke
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
Market structure
The document discusses market structure and identifies its key characteristics, including the number of firms in an industry, nature of products, barriers to entry, and degree of monopoly power. It outlines a spectrum from perfect competition to monopoly and describes several market structures along this spectrum, including their distinguishing features. In particular, it provides detailed diagrams and explanations of perfect competition, monopolistic competition, and oligopoly market structures.
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The document discusses different market structures including perfect competition, monopoly, monopolistic competition, oligopoly, and duopoly. It provides characteristics and diagrams to analyze each structure. A monopolistic market is described as having many firms differentiating similar products, with relatively easy entry and exit into the industry and imperfect consumer and producer knowledge. Firms in monopolistic competition can earn abnormal profits in the short run but normal profits in the long run as entry of new firms causes prices to fall.
Market structure
There are several types of market structures that can exist based on the level of competition. Perfect competition occurs when many small firms produce identical goods and all firms and consumers have perfect information. Monopolies exist when there is only one seller of a unique product with no close substitutes and barriers to entry prevent competition. Oligopolies are markets with only a few large firms where the actions of one firm impact others. Monopolistic competition involves many firms with differentiated but similar products and free entry/exit in the long run.
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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.
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The document discusses different market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It describes the key characteristics of each structure such as the number of firms, level of product differentiation, barriers to entry/exit, and firm behavior. Perfect competition has many small firms, homogeneous products, free entry/exit, and firms are price takers. Monopoly has a single firm with barriers to entry and some control over price. Monopolistic competition and oligopoly involve multiple firms with varying degrees of product differentiation and imperfect competition.
3.marketstructure
The document discusses different market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It describes the key characteristics of each structure such as the number of firms, level of product differentiation, barriers to entry/exit, and firm behavior. Perfect competition has many small firms, homogeneous products, free entry/exit, and firms are price takers. Monopoly has a single firm with barriers to entry and some control over price. Monopolistic competition and oligopoly involve multiple firms with varying degrees of product differentiation and imperfect competition.
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The document discusses different market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It describes the key characteristics of each structure such as the number of firms, level of product differentiation, barriers to entry/exit, and firm behavior. Perfect competition has many small firms, homogeneous products, free entry/exit, and firms are price takers. Monopoly has a single firm with barriers to entry and some control over price. Monopolistic competition and oligopoly involve multiple firms with varying degrees of product differentiation and imperfect competition.
Marketstructure
The document discusses different market structures, including perfect competition, monopoly, monopolistic competition, and oligopoly. It describes the key characteristics of each structure, such as the number and size of firms, levels of entry and exit barriers, and firms' control over price. Diagrams are presented to illustrate the profit-maximizing output level for firms under perfect competition and monopolistic competition in both the short-run and long-run. A variety of industries like restaurants and plumbers are provided as examples of monopolistic competition.
Marketstructure
The document discusses different market structures including perfect competition, monopoly, oligopoly, and monopolistic competition. It describes the key characteristics of each structure such as the number of firms, product differentiation, barriers to entry, and firm behavior. Perfect competition has many small firms, identical products, and firms are price takers. A monopoly has a single dominant firm with barriers to entry. Oligopoly is dominated by a small number of large firms where behavior is interdependent. Monopolistic competition has many differentiated products and easy entry/exit.
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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.
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.
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.
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This document discusses market structures and monopoly. It defines the four basic market structures: perfectly competitive, monopoly, oligopoly, and monopolistic competition. It then focuses on monopoly, describing its key characteristics as having a single firm with no close substitutes and barriers to entry. The document provides examples of sources of monopoly power such as natural monopoly and patents. It also discusses the profit-maximizing rules for a monopoly and how monopolies can price discriminate to enhance profits.
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Oligopoly Explained
- 1. Harmeet Anand, Hiroki Osame, Hiroko Taniguchi, and Keita Kim The Concept of an Oligopoly
- 3. GRAPHS
- 9. LOSS
- 11. COMPARISON Oligopoly Monopoly Perfect Competition Monopolistic Competition - Innovative/ creative - Few firms = greater efficiency - Expand too much - Experience diseconomy of scale - Increase in AC - No competition, no innovation - Undifferentiated products - Consumers have limited choice - BORING - Advertise and induce consumers to spend more -No control in price - Consumers suffer more
Editor's Notes
- harmeeeeeett
- http://en.wikipedia.org/wiki/Oligopoly http://www.docstoc.com/docs/4786754/examples-of-oligopoly-firms
- http://en.wikipedia.org/wiki/Oligopoly#Demand_curve
- http://www.camoodle.net/l/file.php/126/mod2_notes/page_87.htm
- A market form where there are only a few firms in the industry but there are many buyers. Seeing the graphs, we can see that Oligopoly is more benefical because With a relatively low price, much advertising and branding, we are confident that our innovative product, the T-Reader will be a hit amongst the CA studets.