によって tina huynh 11年前.
267
Market Structure, yo
In economic terms, market structures encompass several distinct models characterized by the number of producers, the similarity of products, and the level of control over prices. Perfect competition represents a scenario where numerous firms produce indistinguishable products, leading to no single entity having price control and allowing for easy market entry.
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Market Structure, yo All farms have similar products
Perfect Competition No control over Prices Identical products Many producers and consumers Easy entry into the Market Perfect Competition is when a large number of firms produce essentially the same product. No other companies sell Fritos!
Monopoly Substantial control over prices Unique product One producer Monopoly is a market/industry consisting of a single producer of a product that has no close substitutes. An olbigopoly is a market/industry thats only dominated by a few firms that produce similar or identical products. Mcdonalds competes against burgerking.
Obligopoly High barriers to entry Few producers Similar products Some control over prices BP oil spill had a negative externality.
market failures technology spillover- when tech knowlege spreads from one company to another Positive externality- has benefits, but not on the producers or consumers. Negative externality- cost that falls on someone other than the consumer or producer, and has an undesired effect. Market failures don't allocate goods and services in the most efficient way.
Monopolistic competition some control over prices Few barriers to entry Differentiated Products Many Producers
