Eco365

In: Business and Management

Submitted By jlambert714
Words 1297
Pages 6
Running Head: Market Structures

Differentiating between Market Structures Simulation
University of Phoenix
ECO 365

Jennifer Lambert

Characteristic | Perfect Competition | Monopoly | Monopolistic Competition | Oligopoly | Example | Dairy firms, Grocery Store | SKF | Nike | Wyeth | Product/service | Vegetables, milk etc | Bearings | Shoes, sports stuff | Pharmaceuticals, medicines | Entry Barriers | None-Low | High | Medium-High | High | Number of players | Many (over 1000) | Single | Few-Many | Few | Elasticity | >1 | <1 | <1 | Kinked demand therefore above price >1 and below price <1 | Economic Profit | NO | YES | YES | YES | Share of market | 0-1% | 80-100% | 15-20% | 40-60% | Firm Interdependency | None | None | Low | High | Price Discrimination | NO | Yes | Yes | Yes | Type of Product/service | Same | Unique | Differentiated | Homogenous/Differentiated | Collusion | Yes | No | No | Yes |

There are numerous advantages of the supply and demand forces on the market and the way it operates. The most important is their market regulating utility, i.e. they help firms set a market clearing price, at which pay-off for both the seller and buyer can be maximized. They also help encourage competition as firms with better products can charge higher and thus make more profits. Although, this trend differs in different market structures but generally consumers are willing to pay more for better products. The biggest limitations of supple demand forces might be socially undesirable outcomes as seen in the case of a market structure characterized by monopoly, where one firm control all production resources and thus possesses exploitative capabilities in terms of pricing and promotion etc. Example can be of utility companies (water, gas, electricity etc) that have a virtual monopoly over production resources of a certain geographical area and…...

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