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Submitted by oppapers on January 4, 2002
Category: Miscellaneous
Words: 905 | Pages: 4
Views: 653
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TYPES OF MARKETS STRUCTURES:
Perfect competition = Pure Competition
Monopolistic Competition
Oligopoly
Monopoly
Perfect Competition =- Dosesn\\\'t exist
Characteristics:
Large # of buyers and sellers
Homogeneous Product = products have to be the same
Perfect Knowledge = all buyers and all sellers know what each are doing
Free entry and exit = these people can leave or enter market whenever
One price
Resources are mobile.
Short Run = not enough time for people to make changes
Long Run = time to make changes
the supply curve is the marginal cost curve above the demand curve
Decreasing Cost = type of market people would like to be in. Expansion in numbers, reduction in input costs.
Constant Cost = Page 577, constant return
Increasing Cost = example, Bus Lines
MONOPOLY = a market structure example, Northeast Utilities
Characteristics:
No Close Substitutes
Inelastic product
One seller, many busyers
little knowledge
high barriers to enter and leave market
resources are not mobile.
must be a necessity
Problem with Monopolies
Monopolies tend to misalocate resources
Not as efficient = monopolies work where MC = MR
Monopolies will not produce as much as consumer wants
Monopolies lack incentives, no competition
Ways of Controlling Monopolies
Regulate
Break it up
Taxes
Good Points of Monopolies
Average cost is lower and passes on to the consumer
May be the only rational way to offer a product
Cartels = example: OPEC - a monopoly, outside of the US Control, deals in a natural resource.
Natural monopoly = as you increase your volume - your cost of production goes down, the savings should be passed onto the...
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