Week 4 Individual Assignment Market Structure Microeconomics 365 Week 4 Individual Assignment Market Structure Perfect competition Monopoly Monopolistic competition Oligopoly Example organization Grocery Stores (Piggly Wiggly) Alliant Energy Under Armor Ford Motor Company Goods or services produced by the organization Sells food and other house hold necessities Electric Power company Sporting Goods (clothing) Automobiles Barriers to entry Very low High Moderate
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oligopoly firm a share of the market. Monopoly is a market structure where there is one firm that has complete control over the market for a product or service because it is the sole supplier. To be a monopoly there are certain condition that have to be achieved. You must be the sole supplier of a good/service therefore considerable market power over price being set and amount of the product being produced; there is no substitute for this item. Monopolies are usually in industries that are very
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Microeconomics Monopolistic vs. Oligopolistic Monopolistic and Oligopolistic are pretty much the same except for the size of the manufacturing companies. In simple terms‚ a monopoly is where there is a single seller in the marketing industry and an oligopoly is where there is small group of sellers in the same field in marketing industries. When it comes to a monopolistic competition‚ this is where a market structure has a large number of sellers‚ each of which is
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Lecture VII L t THE MONOPOLY The market equilibrium – REPETITION lecture VI E 20 D e supply d Cc 16 price 12 b 8 B a 4 A demand 0 0 100 200 300 400 500 600 700 800 Quantity The minimal price and shutdown point – repetition lecture V P MC AC AVC P = MR Pmin Pshutdown Qshut Qmin QE Q Demand and Marginal Revenue Faced by a Competitive Firm - repetition Price $ per bushel Firm Price $ per bushel Industry $4 d
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stakeholders. Pricing Strategy The year 2003 is the great year for Quasar Computers for having been awarded the patent for the optical computers giving it a monopoly in this market segment. Neutron brand is catchy word that does a justice to this 21st century technology. The management can utilize the pricing strategy to maximize the profit in the monopoly market where it can set the pricing at this stage as no other competition exists. “The pure monopolist controls the total quantity supplied and thus has
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now‚ we have covered two extreme types of markets. We covered perfect competition with the highest degree of competition‚ then we covered monopoly with the lowest degree of competition. Now‚ we will cover oligopoly and monopolistic competition. These two market types are in between two extremes: they show some features of competition and some features of monopoly. Oligopoly Definition: Oligopoly is a market structure in which there are a few sellers and they sell almost identical products. There
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popularity of auctions as a device for allocating scarce resources among competing ends. Monopoly A monopoly is a market structure in which there is only one producer/seller for a product. In other words‚ the single business is the industry. Entry into such a market is restricted due to high costs or other weaknesses‚ which may be economic‚ social or political. For instance‚ a government can create a monopoly over an industry that it wants to control‚ such as electricity. Another reason for the barriers
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most important personal objective * Growth objective * Profit maximization * Model * Economic profit ≠ accounting profit Market structures * Perfect competition * Monopolistic competition * Oligopoly * Monopoly Perfect competition * Many (small) suppliers and buyers: ‘price takes’ * Demand function for individual company * Products are perfect substitutes * Free entry and exit * Information is perfect (available to all no
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long run‚ because if profit was being made‚ more firms would enter the market and market prices would decline until all firms made zero profit. These elements are perfect competition‚ monopolistic competition‚ oligopoly‚ and monopoly. Based on the differing outcomes of different market
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competition and the pricing strategies of these firms. Marketing‚ on the other hand‚ concentrates its focus on consumer behaviour. Basically there are four major market structures – perfect competition‚ monopolistic competition‚ oligopoly‚ duopoly and monopoly. Market Structures categorize companies based on different characteristics like the number of sellers in the overall market‚ the kind of product‚ market share‚ barriers to entry‚ pricing power‚ efficiency and profits. Each of these specific criteria
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