Perfect competition in long run
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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.
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Perfectly competitive market
Perfect competition is an idealized market structure that achieves an efficient allocation of resources.
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.
Perfect competition
1. The document discusses the concept of perfect competition, which is an ideal market structure with no barriers to entry, homogeneous products, perfect information, and price-taking firms and consumers.
2. Under perfect competition, firms seek to maximize profits by producing at the level where marginal revenue equals marginal cost, and marginal cost is rising. In the long run, no firms earn abnormal profits as free entry and exit drives prices down to minimum average cost.
3. The perfect competition model serves as a benchmark for analyzing market imperfections, as it achieves an efficient allocation of resources where price equals minimum average cost and marginal cost equals marginal benefit to consumers.
Market structures – perfect competition
The document discusses market structures, specifically perfect competition. It defines key characteristics of perfect competition including a large number of small firms, homogeneous products, free entry and exit, and firms being price takers. Under perfect competition, each firm's demand curve is perfectly elastic and marginal revenue equals price. Firms produce where price equals marginal cost to maximize profits. In the long run, normal profits are achieved as entry and exit cause supply to equal demand. Perfect competition leads to allocative and productive efficiency.
Perfect competition
This document summarizes the concepts of perfect competition in the short run and long run. It discusses how a perfectly competitive firm determines profit-maximizing output by producing at the quantity where marginal revenue equals marginal cost. In the short run, firms can increase or decrease output but cannot exit the industry. In long run equilibrium, firms earn zero economic profit and the industry supply curve is determined by the minimum average cost of production as the number of firms adjusts.
Profit maximization and perfect competition
1) A firm produces at the quantity where marginal revenue equals marginal cost to maximize profits. This is the point where additional revenue from producing another unit equals the additional costs.
2) A firm's profit is maximized by producing at the output level where marginal revenue equals marginal cost. Producing more would mean marginal costs exceed marginal revenues, reducing profits.
3) In the short run, a competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits. The firm's profit is represented by the rectangle between average total cost and marginal cost at the profit-maximizing quantity.
Cournot model
This document provides an overview of the Cournot model for duopoly markets. The key points are:
1) The Cournot model assumes two firms produce a homogeneous good, each treats the other's output as fixed, and they decide quantity simultaneously.
2) Through a process of adjustment and readjustment, each firm will gradually reduce or increase production until equilibrium is reached where both firms produce 1/3 of the total market output and maximize their profits.
3) The equilibrium point occurs when no firm can increase profits by altering their quantity unilaterally, and total output is 2/3 of the maximum market quantity.
Imprefect
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.
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Perfectly competitive market
Perfect competition is an idealized market structure that achieves an efficient allocation of resources.
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.
Perfect competition
1. The document discusses the concept of perfect competition, which is an ideal market structure with no barriers to entry, homogeneous products, perfect information, and price-taking firms and consumers.
2. Under perfect competition, firms seek to maximize profits by producing at the level where marginal revenue equals marginal cost, and marginal cost is rising. In the long run, no firms earn abnormal profits as free entry and exit drives prices down to minimum average cost.
3. The perfect competition model serves as a benchmark for analyzing market imperfections, as it achieves an efficient allocation of resources where price equals minimum average cost and marginal cost equals marginal benefit to consumers.
Market structures – perfect competition
The document discusses market structures, specifically perfect competition. It defines key characteristics of perfect competition including a large number of small firms, homogeneous products, free entry and exit, and firms being price takers. Under perfect competition, each firm's demand curve is perfectly elastic and marginal revenue equals price. Firms produce where price equals marginal cost to maximize profits. In the long run, normal profits are achieved as entry and exit cause supply to equal demand. Perfect competition leads to allocative and productive efficiency.
Perfect competition
This document summarizes the concepts of perfect competition in the short run and long run. It discusses how a perfectly competitive firm determines profit-maximizing output by producing at the quantity where marginal revenue equals marginal cost. In the short run, firms can increase or decrease output but cannot exit the industry. In long run equilibrium, firms earn zero economic profit and the industry supply curve is determined by the minimum average cost of production as the number of firms adjusts.
Profit maximization and perfect competition
1) A firm produces at the quantity where marginal revenue equals marginal cost to maximize profits. This is the point where additional revenue from producing another unit equals the additional costs.
2) A firm's profit is maximized by producing at the output level where marginal revenue equals marginal cost. Producing more would mean marginal costs exceed marginal revenues, reducing profits.
3) In the short run, a competitive firm will produce the quantity where marginal revenue equals marginal cost to maximize profits. The firm's profit is represented by the rectangle between average total cost and marginal cost at the profit-maximizing quantity.
Cournot model
This document provides an overview of the Cournot model for duopoly markets. The key points are:
1) The Cournot model assumes two firms produce a homogeneous good, each treats the other's output as fixed, and they decide quantity simultaneously.
2) Through a process of adjustment and readjustment, each firm will gradually reduce or increase production until equilibrium is reached where both firms produce 1/3 of the total market output and maximize their profits.
3) The equilibrium point occurs when no firm can increase profits by altering their quantity unilaterally, and total output is 2/3 of the maximum market quantity.
Imprefect
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.
Oligopoly
This document discusses pricing under oligopoly, which refers to a market with a small number of sellers. It defines oligopoly and classifies oligopoly markets based on factors like product homogeneity, entry barriers, price leadership, and collusion. It then examines several non-collusive oligopoly models including Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models. It concludes by discussing the kinked demand curve model of oligopoly developed by Sweezy to explain price rigidity in differentiated oligopoly markets.
Perfect competition
This document discusses the characteristics of perfect competition in economics. It outlines the necessary conditions for a perfectly competitive market, which are: firms are price takers; there are many buyers and sellers; there are no barriers to entry or exit; products are identical; and there is complete information. It explains that under perfect competition, each individual firm faces a perfectly elastic demand curve, meaning it is a price taker, while the market demand curve is downward sloping. The individual firm can have no impact on the market price.
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.
Perfect Competitive Market
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
Price determination under monopoly
Price determination under monopoly, Demand under Monopoly, Equilibrium & Price Determination, Short Run Equilibrium
Oligopoly
The equilibrium is (Low, Low). This is because at (Low, Low) neither firm has an incentive to unilaterally change its strategy. While (High, High) would be more profitable, each firm would have an incentive to deviate from this strategy by choosing Low. For the equilibrium to be stable, no firm should have an incentive to deviate - which is true at (Low, Low) but not at (High, High).
Monopoly
A monopoly is a sole seller of a product without close substitutes. It faces a downward-sloping demand curve and is a price maker. A monopoly's marginal revenue is below price. It maximizes profits by producing where marginal revenue equals marginal cost and charging a price above marginal cost. This leads to deadweight loss from producing a quantity below the efficient level. Policymakers address this through antitrust laws, regulation, or public ownership.
Oligopoly
This document discusses pricing under oligopoly and provides classifications and models of oligopoly. It defines oligopoly as a market with a few sellers dealing in homogeneous or differentiated products. Oligopoly can be classified based on the nature of products, entry of firms, price leadership, agreements between firms, and coordination between firms. Models of non-collusive oligopoly discussed include Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models which make different assumptions around firms' outputs and pricing decisions.
Oligopoly market
An oligopoly is a market structure with few dominant firms. Firms in an oligopoly are interdependent and must consider competitors' reactions when setting prices or strategies. While competition can occur, oligopolies sometimes engage in collusive behavior such as tacitly setting prices to maximize profits, restricting output. Examples include industries like airlines, banking, and brewing.
Oligopoly Lecture Notes (Economics)
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Production and Cost
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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
The Model Of Perfect Competition
Perfect competition is an ideal market structure where many small firms produce identical goods, there are no barriers to entry or exit, and both buyers and sellers have perfect information. Under perfect competition in the long run, firms earn zero economic profit and both allocative and productive efficiency are achieved as price equals marginal cost and firms produce at minimum average total cost.
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.
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Monopoly
A monopoly is a market structure with a single seller and no close substitutes. There are three key characteristics: 1) only one firm, 2) no close substitutes, and 3) high barriers to entry. Sources of monopoly include owning strategic resources, patents, government licenses, and large economies of scale. As the sole provider, a monopolist faces an inelastic downward-sloping demand curve and sets price. It aims to operate where marginal cost equals marginal revenue to maximize profits in the short run. In the long run, it will remain if earning abnormal or normal profits but exit if facing losses unless subsidized.
Monopolistic Competition
This document summarizes key aspects of monopolistic competition. It describes monopolistic competition as having many firms selling differentiated but similar products, with free entry and exit in the long run. In the short run, monopolistically competitive firms profit maximize at a quantity where price exceeds average total cost. In the long run, these firms operate at a loss and produce at a quantity where price equals average total cost, resulting in excess capacity compared to perfect competition. The document also discusses how advertising and brand names contribute to product differentiation in monopolistic competition.
Monopoly
This document outlines the key topics and objectives to be covered in a chapter on monopoly. The lecture plan will examine the nature and forms of monopoly markets. It will analyze the pricing and output decisions of monopolists in the short run and long run. Additionally, it will explore multi-plant monopolies, price discrimination, and the degrees to which monopolies can engage in price discrimination. The objectives are to understand the emergence of monopoly power through barriers to entry, and analyze the economic inefficiency that monopolies create.
Monopoly
The document discusses monopolies and how they differ from competitive firms. It defines a monopoly as a sole seller of a product without close substitutes, allowing it to be a price maker. Monopolies arise due to barriers to entry like owning key resources, patents, or economies of scale. As the sole producer, a monopoly faces a downward sloping demand curve and sets price based on where marginal revenue equals marginal cost to maximize profits. The government regulates monopolies to prevent excessive prices and deadweight loss through antitrust laws.
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
MARKET SRUCTURE PPT ECONOMICS.pptx
This document provides summaries of presentations on business economics topics by various students:
1. Priya Khandelwal presented on the characteristics of oligopoly markets and kink demand curves.
2. Priska Haria discussed short and long run equilibrium in monopolistic competition.
3. Mohit Joshi covered short and long run equilibrium in monopoly markets.
4. Divit Dholabhai presented on different market structures like perfect competition, monopoly, oligopoly, and monopolistic competition.
5. Ayush Chaudhary summarized the concept of break even point in economics.
OpenStax_Microeconomics_CH08_Lecture.pptx
This document provides an overview of perfect competition in 3 chapters and sections:
1) The characteristics of perfect competition and why it matters for firms and markets.
2) How perfectly competitive firms determine optimal output levels by producing where marginal revenue equals marginal cost.
3) How firms enter and exit markets in response to economic profits and losses in the long-run to achieve equilibrium with zero profits.
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Oligopoly
This document discusses pricing under oligopoly, which refers to a market with a small number of sellers. It defines oligopoly and classifies oligopoly markets based on factors like product homogeneity, entry barriers, price leadership, and collusion. It then examines several non-collusive oligopoly models including Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models. It concludes by discussing the kinked demand curve model of oligopoly developed by Sweezy to explain price rigidity in differentiated oligopoly markets.
Perfect competition
This document discusses the characteristics of perfect competition in economics. It outlines the necessary conditions for a perfectly competitive market, which are: firms are price takers; there are many buyers and sellers; there are no barriers to entry or exit; products are identical; and there is complete information. It explains that under perfect competition, each individual firm faces a perfectly elastic demand curve, meaning it is a price taker, while the market demand curve is downward sloping. The individual firm can have no impact on the market price.
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.
Perfect Competitive Market
This document defines and explains the characteristics of a perfect competition market. Key points include:
- A perfect competition market is one where many small producers sell identical products, meaning buyers have many alternatives and no single seller can influence the market price.
- Main features include homogeneous products, many buyers and sellers, perfect information and mobility of factors of production. Agricultural markets are often used as examples.
- In the short run, firms aim to maximize profits by producing where marginal revenue equals marginal cost. In the long run, firms will exit if earning losses or normal profits and entry will occur if profits are above normal.
- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
Price determination under monopoly
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Oligopoly
The equilibrium is (Low, Low). This is because at (Low, Low) neither firm has an incentive to unilaterally change its strategy. While (High, High) would be more profitable, each firm would have an incentive to deviate from this strategy by choosing Low. For the equilibrium to be stable, no firm should have an incentive to deviate - which is true at (Low, Low) but not at (High, High).
Monopoly
A monopoly is a sole seller of a product without close substitutes. It faces a downward-sloping demand curve and is a price maker. A monopoly's marginal revenue is below price. It maximizes profits by producing where marginal revenue equals marginal cost and charging a price above marginal cost. This leads to deadweight loss from producing a quantity below the efficient level. Policymakers address this through antitrust laws, regulation, or public ownership.
Oligopoly
This document discusses pricing under oligopoly and provides classifications and models of oligopoly. It defines oligopoly as a market with a few sellers dealing in homogeneous or differentiated products. Oligopoly can be classified based on the nature of products, entry of firms, price leadership, agreements between firms, and coordination between firms. Models of non-collusive oligopoly discussed include Cournot's, Bertrand's, Edgeworth's, and Stackelberg's models which make different assumptions around firms' outputs and pricing decisions.
Oligopoly market
An oligopoly is a market structure with few dominant firms. Firms in an oligopoly are interdependent and must consider competitors' reactions when setting prices or strategies. While competition can occur, oligopolies sometimes engage in collusive behavior such as tacitly setting prices to maximize profits, restricting output. Examples include industries like airlines, banking, and brewing.
Oligopoly Lecture Notes (Economics)
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
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
# Students can earn better grades, save time and study effectively
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.”
Like Us - https://www.facebook.com/FellowBuddycom
Production and Cost
Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
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 is an ideal market structure where many small firms produce identical goods, there are no barriers to entry or exit, and both buyers and sellers have perfect information. Under perfect competition in the long run, firms earn zero economic profit and both allocative and productive efficiency are achieved as price equals marginal cost and firms produce at minimum average total cost.
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.
Hecksher Ohlin Theory
This document discusses the Heckscher-Ohlin theorem of international trade. It begins by listing the four main factors of production: land, labor, capital, and natural resources. It then outlines the eight key assumptions of the Heckscher-Ohlin theorem, including that countries have different relative abundances of factors that are fixed, technologies and tastes are the same between countries, and competition and no trade barriers exist. The document provides sample exercises comparing the capital and labor endowments of the US and PH to determine which goods and countries are respectively capital- and labor-abundant. It concludes with assignments on explaining graphs of perfect and monopoly competition.
Monopoly
A monopoly is a market structure with a single seller and no close substitutes. There are three key characteristics: 1) only one firm, 2) no close substitutes, and 3) high barriers to entry. Sources of monopoly include owning strategic resources, patents, government licenses, and large economies of scale. As the sole provider, a monopolist faces an inelastic downward-sloping demand curve and sets price. It aims to operate where marginal cost equals marginal revenue to maximize profits in the short run. In the long run, it will remain if earning abnormal or normal profits but exit if facing losses unless subsidized.
Monopolistic Competition
This document summarizes key aspects of monopolistic competition. It describes monopolistic competition as having many firms selling differentiated but similar products, with free entry and exit in the long run. In the short run, monopolistically competitive firms profit maximize at a quantity where price exceeds average total cost. In the long run, these firms operate at a loss and produce at a quantity where price equals average total cost, resulting in excess capacity compared to perfect competition. The document also discusses how advertising and brand names contribute to product differentiation in monopolistic competition.
Monopoly
This document outlines the key topics and objectives to be covered in a chapter on monopoly. The lecture plan will examine the nature and forms of monopoly markets. It will analyze the pricing and output decisions of monopolists in the short run and long run. Additionally, it will explore multi-plant monopolies, price discrimination, and the degrees to which monopolies can engage in price discrimination. The objectives are to understand the emergence of monopoly power through barriers to entry, and analyze the economic inefficiency that monopolies create.
Monopoly
The document discusses monopolies and how they differ from competitive firms. It defines a monopoly as a sole seller of a product without close substitutes, allowing it to be a price maker. Monopolies arise due to barriers to entry like owning key resources, patents, or economies of scale. As the sole producer, a monopoly faces a downward sloping demand curve and sets price based on where marginal revenue equals marginal cost to maximize profits. The government regulates monopolies to prevent excessive prices and deadweight loss through antitrust laws.
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
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Monopolistic competition is a market structure with many small businesses that sell differentiated products with some level of price-setting power in the short run. In the long run, free entry and exit of businesses leads to normal profits. Key features include differentiated products, free entry and exit of businesses, and price-taking behavior in the long run. Examples include restaurants, hairdressers, and clothing brands. The model assumes businesses are productively and allocatively inefficient in the short run but can achieve dynamic and X-efficiency in the long run. New trade theory explains international trade patterns using the concept 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.
Unit 4
The document discusses different market structures and pricing strategies. It begins by defining perfect competition and its key assumptions, including a large number of buyers and sellers, homogeneous products, free entry and exit of firms, and perfect information. It then discusses the equilibrium of the firm and industry in perfect competition in the short run and long run. Specifically, in the short run the best output level is where marginal revenue equals marginal cost, and in the long run it is where price equals long run marginal cost. The document then discusses monopolistic competition and oligopoly before analyzing monopoly in more detail.
Model Answers.docx
The document discusses Porter's five forces model and different market structures. It defines perfect competition, monopolistic competition, oligopoly, and monopoly market structures. It also discusses economies of scale, the four-firm concentration ratio, and the Herfindahl-Hirschman Index (HHI) for measuring market concentration. Several questions are posed about these topics and answered in the document.
Chap009.ppt
The document summarizes the key characteristics and dynamics of competitive markets. In perfect competition, many small firms produce identical goods, it is easy to enter and exit the industry, and firms price their goods where marginal cost equals price. If an industry is profitable, new firms will enter and supply will increase, driving the price down until profits reach zero at the long-run equilibrium. This process forces firms to continually improve efficiency and quality to remain competitive.
Market structure[1]
This document discusses market structures and pricing practices. It covers perfect competition, monopoly, monopolistic competition, and oligopoly market structures. For each structure, it describes characteristics, price and output determination in the short and long run, and examples. Perfect competition is considered the most efficient as it achieves allocative and productive efficiency. Monopoly is less efficient due to lower output and higher prices. Monopolistic competition and oligopoly introduce some inefficiencies through product differentiation and interdependence between firms respectively.
Perfect Competition Micro Economics ECO101
This document provides an overview of the four types of market structure: perfect competition, monopolistic competition, oligopoly, and pure monopoly. It defines the key characteristics of each type of market structure, including the number of firms, type of products, control over price, conditions of entry, and examples. Perfect competition is characterized as having a large number of firms producing standardized products, with firms being price takers and free entry and exit into the market.
Market Forms - Perfect competition, Monopoly, Monopsony, Oligopoly.pptx
The document discusses different market forms including perfect competition, monopoly, monopolistic competition, and oligopoly. It describes their key features such as number of buyers/sellers, barriers to entry, product differentiation, and interdependence between firms. The document also defines monopsony and provides an employment example. Furthermore, it explains the equilibrium conditions for a perfectly competitive firm in the short run in terms of marginal cost equaling marginal revenue and the shutdown point where average costs exceed average revenue.
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.
Monopolistic competition
Monopolistic competition is a market structure with many small businesses that produce differentiated products. Each business has some control over price due to product differentiation but faces competition from substitutable products. Key features include differentiated but substitutable products, many sellers and buyers, free entry and exit, and profit maximization through product differentiation and non-price competition like advertising. In long run equilibrium, firms earn only normal profits as entry by new firms eliminates excess profits. Output is lower and prices higher under monopolistic competition compared to perfect competition.
MODULE 9 - MONOPOLISTIC COMPETITION.pdf
Monopolistic competition is an imperfect market structure with many sellers of differentiated products. Firms have some control over prices but not the market. It has characteristics like product differentiation, free entry and exit, imperfect knowledge. In the short run, firms maximize profits where MR=MC. In the long run, free entry leads to zero economic profits as the market reaches equilibrium.
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PROFIT MAXIMISATION using MR, MC and profit maximisation.pptx
PROFIT MAXIMISATION using MR, MC and profit maximisation.pptx
Market Forms - Perfect competition, Monopoly, Monopsony, Oligopoly.pptx
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case study on mountain man beer company
The document discusses the alcohol industry and Mountain Man Brewing Company (MMBC). MMBC is a family-owned brewery in West Virginia that produces Mountain Man Lager. It is facing declining sales for the first time as beer drinkers' tastes change. Chris Prangel, who has returned to manage marketing, wants to launch Mountain Man Light beer to attract younger drinkers. This could help compensate for core brand losses but risks cannibalizing lager sales. Maintaining the status quo is not viable as competition is growing. Chris must decide whether launching a light brand is economically feasible and sustainable for MMBC.
Research methodology presentation.
The document provides an analysis of the FMCG sector in India. Some key points:
- The personal care sector makes up 22% of the total FMCG sector in India.
- The personal care products industry is growing at 7% annually.
- The overall FMCG market in India is expected to increase at a CAGR of 14.7% to $110.4 billion between 2012-2020.
- Food products account for 43% of the FMCG market, while personal care and fabric care make up the next largest market shares.
Research methodology presentation- soap
The document provides an analysis of the FMCG sector in India. Some key points:
- The personal care sector makes up 22% of the total FMCG sector in India and the soap industry comprises over 400 brands.
- The personal care products industry is growing at 7% annually and the overall FMCG market in India is expected to increase at a CAGR of 14.7% to $110.4 billion by 2020.
- Food products are the leading segment at 43% of the market, followed by personal care at 22% and tobacco at 16%.
Planning the layout in an it office
The document discusses planning the layout of an IT office. It first provides an overview of the Indian IT sector and its growth. It then defines what a layout plan is, lists the advantages of planning layouts, and describes the main types of layouts - process, product, and project layouts. Specifically for an IT office, it notes that partitions, doors, and windows define individual rooms, while an open plan has a large shared space to reduce wasted time between groups.
Recievable mngmnt
This document analyzes receivables management ratios for a company over three years. It shows that the company's credit sales have increased consistently while debtors have decreased, indicating a more restrictive credit policy. The debtors turnover ratio increased each year, showing higher credit sales relative to debtors. The collection period decreased each year from over 11 days to under 6 days, demonstrating more efficient collection efforts and higher quality debtors. In conclusion, the company's restrictive credit and collection policy has increased its liquidity and the quality of its debtors.
Solvency ratio analysis
This document analyzes various solvency ratios for a company over three years from 2012-2014. It defines solvency ratios as ratios that establish relationships between current assets and current liabilities to measure a company's ability to meet its short-term obligations. The document then examines key solvency ratios for the company, including the current ratio, quick ratio, total debt ratio, debt equity ratio, and interest coverage ratio over the three year period. For each ratio, it provides the specific calculations and interprets what the ratios indicate about the company's solvency and use of debt financing.
Routing & load logic followed
Routing and load logic are important planning tools used by Apollo Tyres to optimize sales routes and product delivery. Routing involves creating a travel plan for salespeople to increase territory coverage while minimizing travel time. Key factors in routing include identifying customers, visit frequency, and locating routes around high potential customers. Load logic refers to planning the most efficient means of transporting products based on customer locations to reduce costs and improve time efficiency. Applying both routing and load logic helps Apollo Tyres increase profitability and forecasting accuracy.
Forward integration in paint industry
Asian Paints has pursued forward integration strategies in both its retail and B2B divisions. In retail, it operates various store formats focused on color selection, do-it-yourself projects, and kids' rooms. Its B2B division includes companies producing coatings, resins, and other industrial products. Forward integration has provided Asian Paints with new profit centers, geographic expansion, quality control, and protection of proprietary processes. In contrast, Nerolac focuses on paint services for professionals and homeowners rather than full ownership of distribution and retail channels.
Channel service outputs- bosh
Bulk breaking, spatial convenience, waiting time, product variety, customer service, and information provision are the six key service outputs of distribution channels. BOSCH provides various services that fulfill these outputs for customers. It allows buying single pieces or large quantities of equipment online or through dealers. BOSCH dealers are located nationwide to provide convenience. Waiting times are limited due to dealers, stores, service stations, and variable delivery times. BOSCH offers a wide variety of industrial and household products. Customers can access information and service by phone, email, social media, dealers, or sales associates.
Www.zansaar.com 2
The document analyzes and provides recommendations for the website www.zansaar.com, an online portal for selling furniture, home goods, and decor. It discusses the website's competitors, on-page and off-page optimization, taxonomy structure, buying level, backlinks, hosting effects, and recommendations to improve page rank, reduce bounce rate, optimize keywords, and increase links and presence on other search engines.
Digital mark indiamart.com
IndiaMART is India's largest online B2B marketplace connecting buyers and suppliers. It was founded in 1996 by Dinesh Agarwal as IndiaMART.com to create websites for small businesses. It has since evolved into an online meeting place for exporters and importers, focusing on small and medium enterprises. IndiaMART connects over 50 lakh buyers and 10 lakh registered suppliers across manufacturing and services categories.
Analysis of healthcare websites
The document analyzes and compares several healthcare websites. It finds that www.surgicalshop.in has an unattractive and confusing categorization that will not generate much traffic. Though useful for qualified buyers, it is complicated to navigate. www.healthkart.com has a user-friendly interface, targets a wide audience with reviews and deals, and allows easy purchasing. While www.healthcarereach.com brands itself as certified and offers a reselling program, it is aimed only at professional buyers and lacks features to attract regular visitors.
Amul – digital marketing
This document discusses Amul's digital marketing strategy. It covers the marketing mix of 7 Ps - product, price, place, promotion, people, processes, and physical evidence. It then discusses the 4Ps of marketing - product is ice cream, price is competitive, place includes personal interfaces and various digital channels, and promotion considers factors like visibility, ease of access, and cross-promotion across food chains. The document also compares digital marketing to traditional marketing, noting digital is more cost-effective, helps engage targeted customers, and allows measuring developments easily.
Agro tech foods limited
Agro Tech Foods Limited is an Indian company with a dominant market position in edible oils and branded foods. It owns well-known brands like Sundrop oil, Health World, ACT II, and Rath. Sundrop oil is the largest selling sunflower oil brand in India, holding a 15% market share of the branded oils market. Between 2009-2014, the FMCG sector in India grew significantly from $24.2 billion to $47.3 billion. Sundrop oil adopted strategies to position itself as the healthy oil for healthy people while still delivering on taste. Through effective advertising and distribution strategies, Sundrop oil was able to become the largest refined sunflower oil in India within 6 months of launching.
What to do when your customer says no
This document provides tips for handling objections when customers say "no" to sales offers. It advises salespeople to (1) prepare for objections by anticipating declines and crafting responses to common objections, (2) pay heed to every potential objection and have well-thought answers prepared rather than improvising, and (3) ask customers why they declined in order to find avenues to overcome their objections and make the sale. It also recommends improving offers if the initial one is not enough, and being prepared to address money or budget issues with options like payment plans or credit resources.
Bikano namkeen
Bikano Namkeen follows intensive distribution in Jehanabad, distributing widely through grocery stores and liquor shops. Stocks are replenished weekly or fortnightly to meet demand. The company uses distributors as sales and delivery channel partners to facilitate product flow and create access to markets. Distributors are trained, motivated through incentives, and evaluated based on metrics like volume generated, profit contribution, and quota achievement. While channel conflicts sometimes occur, Bikano Namkeen typically takes a win-win approach to resolve them.
tata steel
Tata Steel is examining ways to develop world class amenities for its employees. The objective is to benchmark amenities against best-in-class companies and ensure full compliance with relevant laws. The methodology involves studying Tata Steel's existing amenities, comparing them to legal requirements, benchmarking against other Indian and international manufacturing firms, and providing recommendations. Suggestions for sustaining amenities include educating employees, maintaining standard accessories, periodic checks by teams, feedback systems, and actions against misuse. The goal is to plan for and provide world-class infrastructure and amenities on par with international standards.
Wip ppt of coca cola
1. The document summarizes a study on increasing penetration of Kinley bulk water jars in grocery stores and among residential consumers.
2. It provides background on the FMCG sector in India and market share of major players. Coca-Cola owns the Kinley brand of packaged drinking water.
3. The study involved surveying customers, conducting SWOT and competitor analysis, and creating an action plan to target new customers through door-to-door sales and networking. Key findings were that Kinley is seen as a niche product compared to its lower priced competitors.
Marketing management
The automotive industry in India accounts for 7.1% of India's GDP and 45% of manufacturing GDP. Two-wheelers contribute the most at 8.9% followed by three-wheelers at 10.8%. Hindustan Motors and Bajaj Auto were once leaders in the Indian automobile market but lost their dominance due to failures to innovate and adapt their products and strategies to changing customer demands and market conditions. Both companies neglected technological advancements, product quality issues, and an inability to segment their offerings resulting in customers moving to competitors that provided better value.
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The document provides an analysis of the FMCG sector and the dairy industry, along with an in-depth look at La Fageda, a social enterprise company that produces dairy products in Catalonia, Spain. La Fageda employs people with disabilities. The analysis covers La Fageda's business overview, strategy, products, competitors like Danone, a PEST analysis, Porter's Five Forces model, and an action plan. The conclusion notes that while La Fageda faces challenges competing against large corporations, it has found economic success while also achieving social goals of employing disabled individuals.
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Perfect competition in long run
- 1. Presented by ABHISHEK KUMAR ROLL NO:- P15FC060 PGDM - IV
- 2. Perfect competition describes a market structure where competition is at its greatest possible level Types:- Short run – new firm Long run
- 3. Large number of buyers and sellers Products are perfect substitutes of each other; homogeneous products Free entry and exit from the market Perfect knowledge of the market to both buyers and sellers No govt. intervention Transport cost are negligible hence don’t affect pricing.
- 4. The goal of a competitive firm is to maximize profit. This means that the firm will want to produce the quantity that maximizes the difference between total revenue and total cost.
- 5. 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 1 2 3 4 5 6 7 8 9 SAMSUNG NOKIA
- 6. Many small dairy firms in US were closed due to the high productivity cost. But only large firms survived in long run and now are making huge profits Example – Fair oaks
- 7. All factors are variable in the long run Hence all costs are variable Firm can change the plant and adjust the capacity according to the requirements of production If profits are supernormal, more firms enter the market and vice versa. Entry and exit of firms is possible.
- 8. . O O (a) Industry Rs Q (millions) S1 D (b) Firm LRAC QL Se Q (thousands) New firms enter Supernormal profits Profits return to normal PL P1 ARL DL AR1 D1