Economics

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Competitions and Market Structures Market structures include perfect competition, monopolistic competition, monopoly and oligopoly

Monopoly

Types

Government

monopoly the governmet owns and operates

Technologic

Based on owenership or control of a manufacturing method, process, or other scientific advance.

Geographic

Based on the absence of other sellers in certain geographic area

Economics of scale

Situation in which the average cost of production falls as the firm gets larger

Natural

Market situation where the costs pf production are minimized

Perfect Competition

A theoretical situation

"Many sellers offer nearly identical products"

Necessary condition

"No single buyer or seller is large enough or powerfull enough to affect the price"

"Buyers and sellers are reasonably well-informed about products and prices"

"Buyers and sellers are free to enter into, conduct, or get out of bussiness"

"each buyer and seller act independently"

"Buyers and sellers deal in identical products"

Main topic

Oligopoly

Is a market structure in which a few very large sellers dominate the industry

Inderdependent behavior

Cooperative manner

Collusion

Formal agreement to set prices

Price-fixing

Pricing behavior

Tendency of oligopolist to work together

Monopolistic competition

Nonprice competition

Use of advertising, giveaways, or other promotional campaigns to convince buyers that the product is somehow better than another brand

product differentiation

"Real or imagined differences between competing products in the same industry"