Market Structure Paper August 2‚ 2009 In this paper I will discuss competitive markets‚ monopolies‚ and oligopolies and what role each of these play in an economy? I will also point out: o What the characteristics of each market structure is? o How the price is determined in each market structure in terms of maximizing profits? o How output is determined in each market structure in terms of maximizing profits? o What are the barriers to entry‚ if any? o What role does each market
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In a oligopolic market structure‚ there are a few interdependent firms that change their prices according to their competitors. Ex: If Coca Cola changes their price‚ Pepsi is also likely to. Characteristics: Few interdependent firms A few barriers to entry Products are similar‚ but firms try to differentiate them There is branding and advertising Imperfect knowledge (where customers don’t know the best price or availability) To compete or collaborate? Since firms are interdependent‚ they
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competition and oligopoly affect price and output determination in these market structures. Both monopolistic competition (MPC) and oligopoly generally determine price and output based on the profit-maximising condition that marginal cost (MC) equals to marginal revenue (MR). Due to the different features of both monopolistic competition and oligopoly such as the barriers to entry (BTE)‚ which affects the number of sellers as well as market power‚ nature of product and possibility of enjoying economies
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Oligopoly In a oligopoly market structure‚ there are a few interdependent firms that change their prices according to their competitors. Ex: If Coca Cola changes their price‚ Pepsi is also likely to. Characteristics: * Few interdependent firms * A few barriers to entry * Products are similar‚ but firms try to differentiate them * There is branding and advertising * Imperfect knowledge (where customers don’t know the best price or availability) Revenue Curves Total Revenue
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1) Explain the terms ‘Monopoly’ and ‘Monopolistic Competition’ (4 marks) Monopoly A monopoly is a market structure in which a single company or individual owns all or nearly all of the market for a given type of product or service with no or close substitute. This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition (for example‚ vast economies of scale‚ barriers to entry‚ or governmental regulation)
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Market structure : there are a number of different buyers and sellers in the marketplace. This means that we have competition in the market‚ which allows price to change in response to changes in supply and demand. Furthermore‚ for almost every product there are substitutes‚ so if one product becomes too expensive‚ a buyer can choose a cheaper substitute instead. In a market with many buyers and sellers‚ both the consumer and the supplier have equal ability to influence price. In some industries
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American Finance Association Market Timing and Capital Structure Author(s): Malcolm Baker and Jeffrey Wurgler Source: The Journal of Finance‚ Vol. 57‚ No. 1 (Feb.‚ 2002)‚ pp. 1-32 Published by: Wiley for the American Finance Association Stable URL: http://www.jstor.org/stable/2697832 . Accessed: 08/09/2013 22:22 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use‚ available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a
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Appendix C HUM111 Week 7 1) 2) Introduction: Illnesses strike local community. Several residents suffer from similar illnesses that have not been explained until now. 3) Facts a) Who has been affected? i) Adults ii) Children b) What are the symptoms and illnesses? iii) Symptoms iv) Illnesses 4) What could cause this? c) Check soil samples v) Are there signs of contaminates in the surrounding parks? d)
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Associate Program Material Appendix C Rhetorical Modes Matrix Rhetorical modes are methods for effectively communicating through language and writing. Complete the following chart to identify the purpose and structure of the various rhetorical modes used in academic writing. Provide at least 2 tips for writing each type of rhetorical device. |Rhetorical Mode |Purpose – Explain when or why |Structure – Explain what organizational |Provide 2 tips for writing in | |
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Associate Program Material Appendix C Rhetorical Modes Matrix Rhetorical modes are methods for effectively communicating through language and writing. Complete the following chart to identify the purpose and structure of the various rhetorical modes used in academic writing. Provide at least 2 tips for writing each type of rhetorical device. |Rhetorical Mode |Purpose – Explain when or why |Structure – Explain what organizational |Provide 2 tips for writing in | |
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