Sunday, April 14, 2013

An explanation of monopoly, oligopoly, perfect competition, and monopolistic competition - a detailed overview

The Australian market is a diverse economic oceanic - it has different species of marine life (industries), different swells (market structure) and even hot and cold musca volitans (public companies). One of the key determinates to a successful national thriftiness is the structure of its markets. The main market structures are:         1. Monopoly

                                                                       2. Oligopoly

                                                                       3. Perfect Competition

                                                                       4. noncompetitive Competition

Each of these market structures have unique characteristics, and can be categorise according to three factors. The degree of competition, the first factor, is important as it classifies markets into different market structures. It compares the relative sizes of firms, the amount of sellers (vendors) and the barriers of entry to the market. The befriend factor is pricing strategies. The big fish have high office staff to mass a price, because of their size and influence over the market. On the different hand, a smaller, less powerful business will unremarkably have extremely little or no power to set the price.

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The final factor to be taken into mark when classifying a market structure is the profit of a firm, and their execution compared to others (if applicable).

Every market is classifiable into one and except(a) of the four market structures: monopoly, oligopoly, unblemished competition, and monopolistic competition.

Monopoly:

A monopoly is a situation where one firm all told dominates the market. This is exactly the opposite of perfect competition (explained later), and it means that one firm has 100% market share. There can be several circumstances that result in a monopoly.

If only one firm selling a unique reaping that they have various patents or copyright on, then the troupe has a monopoly on the market. A monopoly also results when no substitute...

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