Why perfect competition?? Executive Summary This report provides information related to the four main market structures and why perfect competition is the most efficient. Features of four market structures and comparison of monopoly and perfect competition. Perfect completion is most efficient Subject matter Details Conclusions Introduction Market structure is best defined as the organizational and other characteristics of
Premium Economics Monopoly Perfect competition
3 The numbers of firms that produce identical products or goods which are homogenous are called market structure. Industrial regulation is the government regulation on an entire industry with the objective of keeping a close eye on the industry prices and take advantage of consumers. Rules set by government and agencies that help control the operations of businesses who may demonstrate monopoly power in their organization. Monopoly may lead to consumers being exploited (higher prices) and consumers
Premium Monopoly Regulation
Which of the following pair of strategies constitute a Nash equilibrium of the game? a) S1‚ t1 b) S1‚ t2 c) S2‚ t1 d) both b and c 4.Suppose that the duopolists competing in Cournot fashion agree to produce the collusive output. Given that firm one commits to this collusive output‚ it pays firm two to a) cheat by producing more output. b) cheat by producing less output. c) cheat by raising prices. d) none of the above 5.The production function for a competitive firm is Q = K.5L.5. The
Premium Supply and demand Economics Microeconomics
production comes from competitive firms. A market structure is characterized by a large number of small firms but not identical products sold by all firms. These are the four basic market structure in the Philippines‚ Pure competition‚ monopoly‚ oligopoly and cartel. Competitors have typically small firms‚ absolute and relative and capital requirements are low. Competitive industries is relatively easy but we have to know the market structure where we will establish our own business because if not nothing
Premium Marketing Management Strategic management
will be considered Hypermarkets Examples of local supermarkets NTUC FairPrice Cold Storage Shop n Save Giant Sheng Siong an OLIGOPOLY Oligopolies have: A few dominant firms High barriers to entry Homogeneous/Differentiated products Mutual interdependence analysis and evaluation analysis and evaluation Is the supermarket industry really an oligopoly? NUMBER and SIZE of firms: big or small? BARRIERS to entry: high‚ low‚ or none? NATURE of products: unique‚ differentiated‚ or homogenous
Premium Brand Hypermarket Supermarket
Supply‚ Demand‚ and Price Elasticity Paper 2010 Learning Team A University of Phoenix 10/17/2010 Petroleum is a necessity for the majority of humans across the world. Petroleum is a natural resource that has few competitors. In recent decades alternative energy sources have been investigated‚ but the use of petroleum is still ahead of the game as the world’s primary energy source in the use of automobiles‚ but petroleum is also the main ingredient in plastic. We use plastic everywhere‚ the
Premium Petroleum Supply and demand Natural gas
~. Conditions fo‚ monopolistic competition Consider the monopolistically competitive market structure‚ which has some features of perfect competition and some features of monopoly. A monopolistically competitive market has the following attributes: product differentiation‚ free entry‚ and many sellers ". Close Explanation: A Monopolistic competition has the attribute that there are many firms competing for the same group of customers. Similar to monopolists‚ firms under monopolistic competition
Premium Economics Monopoly Marginal cost
INTRODUCTION The pharmaceutical industry is praised as one of the leading industrial sectors. The fruits of its extensive research and development are traded worldwide and have improved the length and quality of life of countless individuals. At the same time‚ however‚ the industry is criticized for its marketing and pricing practices—and even for its research and development priorities. Industry’s consistently high profits and large expenditures on research and development as well as on marketing
Premium Cost Supply and demand Economics
BUSINESS PROCESS OUTSOURCING ----------------------------------- WHAT IS OUTSOURCING? The idea of outsourcing has its roots in the ’competitive advantage’ theory propagated by Adam Smith in his book ’The Wealth of Nations’ which was published in 1776. Over the years‚ the meaning of the term ’outsourcing’ has undergone a sea change. What started off as the shifting of manufacturing to countries providing cheap labour during the Industrial Revolution‚ has taken on a new connotation in today’s
Premium Supply and demand Business process outsourcing
in which it operates. The purpose of this session is to explore each of the main types of market structure and consider the differences between them. There are 4 main types of market structure: * Perfect competition * Monopoly * Oligopoly * Monopolistic competition There are two main differences between each of the above market types: 1. The amount of competition there exists between the organisations involved in the market. 2. The degree to which the organisation determines
Premium Monopoly Perfect competition Oligopoly