Types of competition
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This document discusses different types of market structures: monopolistic competition, oligopoly, monopoly, and perfect competition. It provides characteristics and examples of each. Monopolistic competition involves many producers offering differentiated products. Oligopoly is dominated by a few firms, with high barriers to entry. A monopoly has a single seller controlling the market. Perfect competition has many buyers and sellers of homogeneous products.
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Monopolistic Competition
A2 Microeconomics: This is a revision presentation on aspects of monopolistic competition designed for A2 business economics students
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
Monopoly
The document discusses key aspects of monopoly markets including:
- A monopoly is defined as a single seller of a product without close substitutes that controls the entire market.
- Features of monopoly include barriers to entry that allow the firm to be a price maker and make independent output decisions.
- Monopolies can maximize profits in the short run but aim for normal profits in the long run to deter new competition.
- Monopolies are economically inefficient as they produce at lower output levels than would be optimal, resulting in deadweight loss.
Monopoly market
- A monopoly market is characterized by a single seller of a unique product without close substitutes. Barriers to entry like government protections, large economies of scale, or exclusive ownership of resources allow monopolies to exist.
- A monopoly is both the firm and the industry and is the price maker. It faces a downward sloping demand curve where price exceeds marginal revenue. The profit-maximizing quantity is where marginal revenue equals marginal cost.
- At this quantity, the monopoly sets the highest price that demand allows. If price exceeds average total cost, the monopoly earns economic profits. In the long run, only monopolies that earn super-normal profits can remain in business.
Price discrimination
Price discrimination exists when different prices are charged for the same product to different buyers. There are three main types of price discrimination: personal, geographical, and according to usage. Price discrimination is possible when there are differences in elasticity of demand, market imperfections, differentiated products, and legal sanctions or monopoly power. Price discrimination can occur through personal, geographical, or according to usage and is classified into three degrees based on how prices are set for individual units or groups.
Monopolistic competition
Monopolistic competition is a market structure in which there are many firms selling differentiated products.
Price determination under oligopoly
Price determination under oligopoly can occur through independent pricing, collusive pricing, or price leadership. There are several classical models of oligopoly including Cournot's model of duopoly, Bertrand's model of duopoly, and Edgeworth's duopoly model. Non-collusive oligopolies may lead to price wars if firms produce homogeneous goods. Under collusion, firms can jointly set prices or output to increase their bargaining power against consumers. Price leadership is a means for oligopolists to coordinate prices without explicit collusion, with the dominant firm initiating price changes that other firms follow.
Oligopoly Assignment
An oligopoly is a market structure with a small number of producers that have strategic interdependence. Each firm must consider how its rivals will respond to its pricing and output decisions. While firms have an incentive to collude to raise prices above competitive levels, maintaining collusion can be difficult without formal agreements. As more firms enter the market, it becomes harder to collude and prices tend to approach competitive levels. Firms in an oligopoly often engage in tacit collusion through mechanisms like price leadership.
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Monopolistic Competition
A2 Microeconomics: This is a revision presentation on aspects of monopolistic competition designed for A2 business economics students
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
Monopoly
The document discusses key aspects of monopoly markets including:
- A monopoly is defined as a single seller of a product without close substitutes that controls the entire market.
- Features of monopoly include barriers to entry that allow the firm to be a price maker and make independent output decisions.
- Monopolies can maximize profits in the short run but aim for normal profits in the long run to deter new competition.
- Monopolies are economically inefficient as they produce at lower output levels than would be optimal, resulting in deadweight loss.
Monopoly market
- A monopoly market is characterized by a single seller of a unique product without close substitutes. Barriers to entry like government protections, large economies of scale, or exclusive ownership of resources allow monopolies to exist.
- A monopoly is both the firm and the industry and is the price maker. It faces a downward sloping demand curve where price exceeds marginal revenue. The profit-maximizing quantity is where marginal revenue equals marginal cost.
- At this quantity, the monopoly sets the highest price that demand allows. If price exceeds average total cost, the monopoly earns economic profits. In the long run, only monopolies that earn super-normal profits can remain in business.
Price discrimination
Price discrimination exists when different prices are charged for the same product to different buyers. There are three main types of price discrimination: personal, geographical, and according to usage. Price discrimination is possible when there are differences in elasticity of demand, market imperfections, differentiated products, and legal sanctions or monopoly power. Price discrimination can occur through personal, geographical, or according to usage and is classified into three degrees based on how prices are set for individual units or groups.
Monopolistic competition
Monopolistic competition is a market structure in which there are many firms selling differentiated products.
Price determination under oligopoly
Price determination under oligopoly can occur through independent pricing, collusive pricing, or price leadership. There are several classical models of oligopoly including Cournot's model of duopoly, Bertrand's model of duopoly, and Edgeworth's duopoly model. Non-collusive oligopolies may lead to price wars if firms produce homogeneous goods. Under collusion, firms can jointly set prices or output to increase their bargaining power against consumers. Price leadership is a means for oligopolists to coordinate prices without explicit collusion, with the dominant firm initiating price changes that other firms follow.
Oligopoly Assignment
An oligopoly is a market structure with a small number of producers that have strategic interdependence. Each firm must consider how its rivals will respond to its pricing and output decisions. While firms have an incentive to collude to raise prices above competitive levels, maintaining collusion can be difficult without formal agreements. As more firms enter the market, it becomes harder to collude and prices tend to approach competitive levels. Firms in an oligopoly often engage in tacit collusion through mechanisms like price leadership.
Economics Market Structures
This document discusses different types of market structures: perfect competition, monopolistic competition, oligopoly, and monopoly. It provides examples and key features of each market structure type. Perfect competition is characterized by many small sellers, homogeneous goods, perfect information, and free entry/exit. Monopolistic competition has differentiated goods, many sellers/buyers, and free entry/exit. Oligopoly has a small number of large sellers where each is influenced by competitors. Monopoly is dominated by a single seller with significant barriers to entry.
Pricing across product life cycle
There are two main pricing strategies for products in the introduction stage of the lifecycle: skimming and penetration. Skimming involves setting a high initial price for distinctively new products purchased by less price-sensitive customers, then lowering price over time. Penetration uses a low initial price for products where customers are highly price sensitive or competitors pose a strong threat. In the growth stage, companies face pressure to lower prices as more competitors and customers enter the market. During maturity, competitors are well-established and companies must cut prices to gain market share. In decline, companies can maintain prices by reducing costs if they have a strong reputation, cut prices to increase sales above break-even, or selectively raise prices for less price-sensitive
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This document defines different types of market structures:
- A market allows buyers and sellers to interact and exchange goods/services. It can be defined by a geographic area.
- Market structures include perfect competition, monopolistic competition, oligopoly, duopoly, monopoly, and cartels.
- Perfect competition has many small sellers/buyers of homogeneous products, no entry/exit barriers, and price-taking firms. Monopolistic competition has differentiated products. Oligopolies and duopolies have a small number of interdependent firms. Monopolies are the sole providers of goods/services and can influence prices. Cartels explicitly collude to regulate supply and prices.
Price discrimination
This document defines and provides examples of price discrimination. It discusses that price discrimination means selling the same product at different prices to different buyers. It provides examples of air ticket prices being lower when booked further in advance and movie theaters charging different ticket prices. The document also outlines the main types of price discrimination including by income, product nature, age, time, geography, and product use. It discusses conditions needed for price discrimination, including different demand elasticities among buyer groups and the ability to segment markets.
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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 perfect competition in markets. It defines a perfectly competitive market as one with many potential buyers and sellers, homogeneous products, and prices determined by market forces alone. Firms in a perfectly competitive market are price takers and will enter or exit the market in response to profits and losses. The key characteristics of a perfectly competitive market include free entry and exit, perfect information, and mobility of resources.
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The document discusses different types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It provides features and examples of each. Perfect competition is characterized by many small firms and buyers/sellers, homogeneous goods, free entry and exit. Examples include street food and fish markets. A monopoly has a single seller, barriers to entry, and products without close substitutes. Examples given are Indian Railways and aircraft production. Monopolistic competition has many buyers/sellers, product differentiation, and free entry/exit. Soap brands are used as an example. Oligopoly is dominated by a small number of large firms in an industry with high barriers to entry and interdependence between companies. Industries like cars
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.
Perfect Competition
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
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.
Pure monopoly
This document discusses the concept of monopoly and profit maximization by monopolistic firms. It covers the key features of monopoly markets including barriers to entry, downward sloping demand curves, and the ability of monopolies to be price makers. The document also examines how monopolies can engage in price discrimination by charging different prices to different consumer groups in order to maximize profits. Government policies aimed at regulating monopolies through anti-trust laws and taxes are also summarized.
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Monopolistic Competition
1) Monopolistic competition describes an imperfect market structure where many small businesses produce differentiated products. Examples include coffee shops, hair salons, and pizza delivery services.
2) In the short run, firms in monopolistically competitive markets can earn supernormal profits by producing at a quantity where marginal cost equals marginal revenue. In the long run, free entry and exit of competitors drives profits down to normal levels.
3) Monopolistically competitive markets are not perfectly efficient. Prices exceed marginal costs, leading to allocative inefficiency. Advertising spending may also represent an inefficient use of resources.
Market structure
This document discusses different types of market structures:
1. Perfect competition is characterized by many small sellers of identical products, price taking behavior, freedom of entry and exit. Potatoes sold at markets are an example.
2. Monopoly is dominated by a single seller of a unique product where entry is restricted, like Gillette razor blades.
3. Monopolistic competition involves differentiated products that are close substitutes, like various shoe brands.
4. Oligopoly has a small number of interdependent sellers that recognize how their actions impact rivals, like instant noodle brands in India. Duopoly is a specific type of oligopoly with two dominant firms, like Pepsi and Coke in soft drinks
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This presentation is made for " Introduction to business" course. It is about Types of competitions in sales market or Market Structure which has 4 types ; Perfect, Monopolistic, Oligopoly, and Monopoly. It includes case study of " Wal-Mart " as well. ( but i'm not sure if it's accurate )
File Format : PPTX Power Point 2007 or Higher.
Miss Nannapat K. ( MUM )
Tim3flies
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The document discusses the four main types of competition: perfect competition, monopolistic competition, oligopoly competition, and monopoly competition. Perfect competition is characterized by many small businesses, homogenous products, free entry and exit into the market, and perfect information. Monopolistic competition has many businesses but differentiated products, while oligopoly has a small number of interdependent competitors. Monopoly exists when there is only one provider of a product or service without close substitutes. Examples of each type are given.
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There are two main pricing strategies for products in the introduction stage of the lifecycle: skimming and penetration. Skimming involves setting a high initial price for distinctively new products purchased by less price-sensitive customers, then lowering price over time. Penetration uses a low initial price for products where customers are highly price sensitive or competitors pose a strong threat. In the growth stage, companies face pressure to lower prices as more competitors and customers enter the market. During maturity, competitors are well-established and companies must cut prices to gain market share. In decline, companies can maintain prices by reducing costs if they have a strong reputation, cut prices to increase sales above break-even, or selectively raise prices for less price-sensitive
Market structure
This document defines different types of market structures:
- A market allows buyers and sellers to interact and exchange goods/services. It can be defined by a geographic area.
- Market structures include perfect competition, monopolistic competition, oligopoly, duopoly, monopoly, and cartels.
- Perfect competition has many small sellers/buyers of homogeneous products, no entry/exit barriers, and price-taking firms. Monopolistic competition has differentiated products. Oligopolies and duopolies have a small number of interdependent firms. Monopolies are the sole providers of goods/services and can influence prices. Cartels explicitly collude to regulate supply and prices.
Price discrimination
This document defines and provides examples of price discrimination. It discusses that price discrimination means selling the same product at different prices to different buyers. It provides examples of air ticket prices being lower when booked further in advance and movie theaters charging different ticket prices. The document also outlines the main types of price discrimination including by income, product nature, age, time, geography, and product use. It discusses conditions needed for price discrimination, including different demand elasticities among buyer groups and the ability to segment markets.
Presentation - Market structure (incomplete)
The document defines the four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms and buyers producing identical goods. A monopoly features a single seller of unique goods without close substitutes. Monopolistic competition involves many firms selling differentiated goods. Oligopoly describes an industry with a small number of large firms that interact strategically. Examples are provided for each type as well as their key characteristics regarding competition, pricing, and profitability.
mopolistic competition- all you neeed to know
all about monopolistic competition and types,charasterists of it ,with reference ton advertising and with example of all phases of the business
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This document defines and classifies different market structures. The main market structures discussed are perfect competition, monopoly, oligopoly, and monopolistic competition. Perfect competition is characterized by many small sellers, standardized products, and no single seller influencing prices. A monopoly has a single seller dominating an industry. Oligopoly has a few large sellers controlling the market. Monopolistic competition involves differentiated but similar products among many sellers. The document also briefly discusses monopsony and oligopsony structures defined by a single or few dominant buyers.
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This document provides an overview of imperfect competition. It discusses the key characteristics of monopolistic competition, oligopoly, and monopoly market structures. For each structure, it outlines the number of firms, ability to affect price, entry barriers, and examples. The document then examines pricing decisions under imperfect competition and provides examples of the De Beers cartel, which dominated the global diamond industry through controlling supply. In summary, the document analyzes different forms of imperfect competition and pricing models.
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Market structure identifies how competitive a market is based on factors like the number of firms, nature of products, degree of monopoly power, and barriers to entry. It ranges from perfect competition on the highly competitive end to pure monopoly on the less competitive end. The further right on the scale, the greater the monopoly power of firms. Market structure models are representations of reality that help analyze industry competition levels and firm behavior.
Perfect competition
This document discusses perfect competition in markets. It defines a perfectly competitive market as one with many potential buyers and sellers, homogeneous products, and prices determined by market forces alone. Firms in a perfectly competitive market are price takers and will enter or exit the market in response to profits and losses. The key characteristics of a perfectly competitive market include free entry and exit, perfect information, and mobility of resources.
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This document discusses exceptions to the law of demand in economics. The law of demand states that as the price of a product increases, quantity demanded decreases, and vice versa. However, there are some situations where this law does not apply. The document outlines several exceptions, including Giffen goods (where demand increases with price for inferior goods), conspicuous consumption of luxury goods, and demand for necessities like TVs and cars that do not decrease despite price increases. Other exceptions mentioned are expected future price changes, consumer ignorance, extraordinary situations like war or famine, and changes in fashion affecting demand.
Product Pricing
Slides Aditya Bhelande recently used in his discussion w/ mentees of The Product Mentor.
The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People.
Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community.
http://TheProductMentor.com
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The document discusses different types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It provides features and examples of each. Perfect competition is characterized by many small firms and buyers/sellers, homogeneous goods, free entry and exit. Examples include street food and fish markets. A monopoly has a single seller, barriers to entry, and products without close substitutes. Examples given are Indian Railways and aircraft production. Monopolistic competition has many buyers/sellers, product differentiation, and free entry/exit. Soap brands are used as an example. Oligopoly is dominated by a small number of large firms in an industry with high barriers to entry and interdependence between companies. Industries like cars
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.
Perfect Competition
Students should be able to:
Understand the assumptions of perfect competition and be able to explain the behaviour of firms in this market structure.
Understand the significance of firms as price-takers in perfectly competitive markets. An understanding of the meaning of shut-down point is required. The impact of entry into and exit from the industry should be considered.
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.
Pure monopoly
This document discusses the concept of monopoly and profit maximization by monopolistic firms. It covers the key features of monopoly markets including barriers to entry, downward sloping demand curves, and the ability of monopolies to be price makers. The document also examines how monopolies can engage in price discrimination by charging different prices to different consumer groups in order to maximize profits. Government policies aimed at regulating monopolies through anti-trust laws and taxes are also summarized.
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Monopolistic Competition
1) Monopolistic competition describes an imperfect market structure where many small businesses produce differentiated products. Examples include coffee shops, hair salons, and pizza delivery services.
2) In the short run, firms in monopolistically competitive markets can earn supernormal profits by producing at a quantity where marginal cost equals marginal revenue. In the long run, free entry and exit of competitors drives profits down to normal levels.
3) Monopolistically competitive markets are not perfectly efficient. Prices exceed marginal costs, leading to allocative inefficiency. Advertising spending may also represent an inefficient use of resources.
Market structure
This document discusses different types of market structures:
1. Perfect competition is characterized by many small sellers of identical products, price taking behavior, freedom of entry and exit. Potatoes sold at markets are an example.
2. Monopoly is dominated by a single seller of a unique product where entry is restricted, like Gillette razor blades.
3. Monopolistic competition involves differentiated products that are close substitutes, like various shoe brands.
4. Oligopoly has a small number of interdependent sellers that recognize how their actions impact rivals, like instant noodle brands in India. Duopoly is a specific type of oligopoly with two dominant firms, like Pepsi and Coke in soft drinks
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File Format : PPTX Power Point 2007 or Higher.
Miss Nannapat K. ( MUM )
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The document discusses the four main types of competition: perfect competition, monopolistic competition, oligopoly competition, and monopoly competition. Perfect competition is characterized by many small businesses, homogenous products, free entry and exit into the market, and perfect information. Monopolistic competition has many businesses but differentiated products, while oligopoly has a small number of interdependent competitors. Monopoly exists when there is only one provider of a product or service without close substitutes. Examples of each type are given.
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market - Types and their details
A market is defined as a place where buyers and sellers engage in transactions of various products. The structure of a market determines the price and level of production in that market. There are four main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Under perfect competition, there are many small firms and buyers/sellers, products are homogeneous, there is free entry and exit into the market, and prices are determined by supply and demand forces.
Market Structure (N3)
The document discusses different market structures, including perfect competition, monopolistic competition, oligopoly, monopoly, oligopsony, and monopsony. It provides definitions and characteristics of each market structure, comparing factors such as the number of buyers and sellers, entry barriers, product differentiation, and firm behavior. Examples are given for some market structures. The conclusion summarizes that market structure can be described based on characteristics like market size, number of providers and their market share, and consumer and business purchasing patterns.
Market Structure
The document discusses different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It examines factors that determine market structure such as the number of firms, product differentiation, control over price, and barriers to entry/exit. Market structure influences firms' pricing and output decisions. The document also explores topics like non-price competition, government regulation, and balancing private vs public interests.
Monopolistic market
Monopolistic competition is an imperfect market structure with many sellers producing differentiated products. Edward Chamberlin is considered the founder of the theory of monopolistic competition. Key characteristics include product differentiation, free entry and exit, and firms having some control over pricing. Examples include fast food, clothing, and hairstylists. In the short run, firms maximize profits by producing where marginal revenue equals marginal cost. In the long run, entry by other firms shifts demand, so firms can no longer price above average costs and earn pure economic profits.
Pricing theory
This document discusses different market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It provides details on the key features of each structure, including how pricing is determined. For perfect competition, the market price is determined by supply and demand. A monopoly is characterized by a single seller. Monopolistic competition involves differentiated products and imperfect competition. Oligopoly is dominated by a small number of large sellers, with features like product branding and interdependent decision-making. Examples are provided for each market structure type.
Theories of market stracture 2
This document discusses different market structures. It begins by defining market structure and its key characteristics. It then lists the four major market structures: perfect competition, monopoly, oligopoly, and monopolistic competition. For each structure, it provides examples and discusses key assumptions. It also outlines factors that determine a market's structure and provides definitions for different models of market structures, including their main assumptions.
Market ppt.pptx
This document defines different types of markets: perfect competition, monopoly, oligopoly, and monopolistic competition. Perfect competition refers to a theoretical market structure with many equal suppliers where supply and demand are in equilibrium. A monopoly exists when one company dominates an industry and excludes all viable competitors, which can lead to price gouging and deteriorating quality. In an oligopoly, a few companies collaborate to limit competition and dominate an industry together. Monopolistic competition involves many producers competing by selling differentiated products that are not perfect substitutes for each other.
Theories of market stracture
This document provides an overview of different market structures: pure competition, pure monopoly, monopolistic competition, and oligopoly. It defines each structure and discusses their key characteristics. Pure competition is characterized by many small sellers, homogeneous products, perfect information and mobility. A pure monopoly has a single seller, large barriers to entry, and wields substantial influence over prices. Monopolistic competition involves many sellers of differentiated products. Oligopoly is dominated by a small number of interdependent firms. The document also outlines the assumptions of each market structure model and provides examples.
Market structure
Market structure refers to characteristics of a market such as the number of buyers and sellers, level of competition, product differentiation, and barriers to entry and exit. The main types of market structure discussed are monopolistic competition, oligopoly, duopoly, oligopsony, monopoly, and perfect competition. Each market structure is defined by the number of firms, level of product differentiation, and barriers to entry and exit. Examples of each market structure are also provided.
1stYr_BAC-102-SG4.pdf
- A market is a place that enables buyers and sellers to interact and exchange goods and services. The elements of a market include buyers, sellers, goods/services, price, money, and a defined area.
- Market structure depends on the number of buyers/firms, product type, entry barriers, and is characterized as perfect competition, monopolistic competition, oligopoly, or monopoly.
- Perfect competition has many small firms/buyers, homogeneous products, no entry barriers, and price-taking firms. Monopoly has a single firm, a unique product, and high entry barriers, allowing price-setting behavior.
Market structures and price determination
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.
Market structure
This document discusses different market structures: pure competition, monopolistic competition, oligopoly, and monopoly. It provides details on the key features of each structure, including the number of buyers and sellers, level of product differentiation, barriers to entry, and how price is determined. Perfect competition is characterized by many small buyers and sellers, no barriers to entry, perfect information, and price taking behavior. Monopoly is a single seller with barriers to entry and control over price. Oligopoly has a few large sellers that can influence price through cooperation. Monopolistic competition features many differentiated products with some control over price.
Chap5 market structures
This was taken from the book "ECONOMICS" 3rd edition by Feliciano Fajardo.
This is for classroom instruction purposes.. Thank you
Business economics 5
This document discusses different types of market structures and pricing strategies. It defines market structure as the characteristics of a market that describe the nature of competition and pricing, such as the number of firms and products. The four main types of market structures are perfect competition, monopolistic competition, oligopoly, and monopoly. It also outlines several pricing strategies such as penetration pricing, economy pricing, price skimming, and product line pricing. Pricing is influenced by factors like costs, market conditions, and perceived value.
Market structure
The document discusses different types of market structures:
1) Monopolistic competition is characterized by many firms producing similar but differentiated products that are not perfect substitutes for one another. Firms compete by differentiating their products and set prices taking competitors' prices as given.
2) Perfect competition exists when many small firms produce identical products and are price takers. There are no barriers to entry or exit.
3) Monopoly is dominated by a single seller of a unique product without close substitutes. Monopolists can influence market prices.
4) Oligopoly has a small number of interdependent firms that recognize how each other's actions impact prices and market shares.
Market
The document defines different types of markets and market structures. It discusses perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small buyers and sellers of homogeneous products. A monopoly is dominated by a single seller. Monopolistic competition involves differentiated products and freedom of entry. Oligopoly involves a small number of large, interdependent firms competing through factors like price leadership and agreements.
Structure
The document discusses different market structures and how they influence firm behavior with respect to pricing, supply, and barriers to entry. It describes the key characteristics and examples of perfect competition, monopolistic competition, oligopoly, duopoly, and monopoly market structures. Perfect competition is defined by free entry and exit, homogeneous products, many buyers and sellers, and price-taking firms. Monopolistic competition features product differentiation and relatively free entry/exit. Oligopoly is dominated by a small number of large firms, and examples include supermarkets and oil industries. Monopoly grants a single firm control over price and supply in an industry.
Competition[monopoly,pc,pligopoly,mono. comp)
Competition exists when individuals and firms strive to gain a greater market share by selling goods and services. There are several types of market structures that determine the level of competition, including monopoly, oligopoly, and perfect competition. Michael Porter developed a five forces model for analyzing industry competition and developing business strategy. The five competitive forces are the threat of new entrants, power of suppliers, power of buyers, availability of substitutes, and rivalry among existing competitors.
Market
The document discusses different market structures including perfect competition, monopoly, oligopoly, monopolistic competition, and monopsony. It provides characteristics and assumptions of each structure. Perfect competition has many small firms and homogeneous products. A monopoly has one dominant firm with high barriers to entry. Oligopoly has a few dominant firms producing either homogeneous or differentiated products. Monopolistic competition has many small firms with differentiated but substitutable products. Monopsony exists when there is a single dominant buyer in a market with many suppliers.
Economics
1. The document discusses different types of market structures in economics including exchange economy, monopoly, oligopoly, and monopolistic competition.
2. An exchange economy refers to an interaction between agents who can exchange products based on a price system. There are two types - pure exchange economy and exchange economy with production.
3. A monopoly is dominated by one firm/entity and has no competition, which can lead to high costs for consumers. Oligopoly has a small number of firms that generate the supply and are interdependent on each other's actions. Monopolistic competition combines elements of monopoly and competition through product differentiation.
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三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
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3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
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8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
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2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
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Types of competition
- 1. VILNIUS UNIVERSITY KAUNAS FACULTY OF HUMANITIES Types of Competitions Student: Gediminas Urbonas VI3 Teacher: Dileta Aleksendravičienė
- 2. Monopolistic Competition Oligopoly Monopoly Perfect Competition Summary Contents
- 3. 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. Producers have a degree of control over price. Monopolistic Competition Monopolistically competitive markets have the following characteristics:
- 4. Product differentiation Many firms No entry and exit cost in the long run Independent decision making Some degree of market power Major characteristics
- 5. In many markets, such as toothpastes and toilet paper, producers practice product differentiation by altering the physical composition of products, using special packaging, or simply claiming to have superior products based on brand images or advertising. Examples
- 6. An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated. Oligopoly
- 7. Ability to set price High barriers to entry and exit Number of firms Long run profits Product differentiation Perfect knowledge Non-Price Competition Characteristics
- 8. Five banks (Barclays, Halifax, HSBC, Lloyds TSB and Natwest) dominate the UK banking sector, they were accused of being an oligopoly by the relative newcomer Virgin bank Four companies (Tesco, Sainsbury's, Asda and Morissons) share 74.4% of the grocery market Examples
- 9. A situation in which a single company or group owns all or nearly all of the market for a given type of product or service. Monopoly
- 10. Price Maker: Decides the price of the good or product to be sold. High Barriers: Other sellers are unable to enter the market of the monopoly. Single seller: In a monopoly, there is one seller of the good that produces all the output. Price Discrimination: A monopolist can change the price and quality of the product. Characteristics
- 11. Examples of monopolies include: Local telephone service Water service Cable television The U.S. Postal Service Examples
- 12. Perfect competition (sometimes called pure competition) describes markets such that no participants are large enough to have the market power to set the price of a products. Perfect competition
- 13. A large number buyers and sellers No barriers of entry and exit Perfect factor mobility Zero transaction costs Homogeneous products characteristics
- 14. Corn,wheat and other similar products Examples
- 15. Conclusion
- 17. Thanks for your attention!