Table

* Market Structures Define: Laissez-faire the philosophy that government should non meddle with commerce and trade. h 1 (Pure) contest| Monopolistic controversy| Oligopoly| Monopoly (4 types)| interpretation: characterized by a considerable number of level-headed independent buyers and sellers who swop identical growths| Definition: all the conditions of Perfect competitor and yields ar differentiated: consumer preference marrow something ( harvests not ideal substitutes)| Definition: Market where a fewer large sellers dominate the mart. Competition amongst the few.| Define:Monopoly: a market social system in with 1 seller of a event reaping | | | | Natural Monopoly - Industries with high fixed costs. Costs are minify by having only one firm. (Cable, gas, water)| Characteristics (5 conditions) 1. There is a large number of buyers and sellers 2. The buyers and sellers deal in identical products 3. for each one buyer and seller wor ks independently 4. Buyers and sellers are moderately well-informed about products and products 5.

Free to enter/exit and excrete business*Imperfect Competition a market mental synthesis that lacks 1 or more of the conditions of Perfect Competition| Characteristics* produce Differentiation real/imagined differences between competing products in the same stableness *Non-price Competition the use of advert9ising and other promotional campaigns to convince the buyers that the product is somehow better then another| Characteristics*Collusion addict agreement to set a price or otherwise act in a cooperative mannerImpendent Behavio! r - unrivaled firms actions can change the output, sales and prices in the entire industryExists when: * Few Large Sellers * Offer Identical or Similar Products * You cant enter the market wakeful (takes lots of money) * Firms make an abnormal, economic profit * Price and Non-Price Competition (compete on quality, service, craftsmanship -- not price) *...If you want to get a full essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay