PPT-Competition and Market Structures

Pure competition Market structure in which a large number of firms all produce the same product and no single seller controls the supply or prices also called perfect competition commodity A product such as petroleum or milk that is considered the same no matter who produces or sells it. Alice Pham. Director, CUTS Hanoi Resource Centre - Vietnam. 8. June 2013. Kuala Lumpur. 1. National Economy & Market. Population of . 28.86m . (. 2011) (World Bank). 70% approx of population in West Malaysia. Where Have We Been? . Where Are We Going. ?. Chester Spatt. Tepper. School of Business, Carnegie Mellon University. Email: . cspatt@andrew.cmu.edu. “2017 . Finance Down Under. ”. University of Melbourne. Alice Pham. Director, CUTS Hanoi Resource Centre - Vietnam. 8. June 2013. Kuala Lumpur. 1. National Economy & Market. Population of . 28.86m . (. 2011) (World Bank). 70% approx of population in West Malaysia. AP Economics. Mr. Bordelon. Basics. Monopolistic competition.. Market structure in which there are many competing firms in an industry, each firm sells a differentiated product, and there is free entry into and exit from the industry in the long run.. MARKET STRUCTURE . in which only . ONE . seller sells a product for which there are no close substitutes.. A monopoly is . A PRICE SETTER. , . RESTRICTS THE MARKET . and. IS THE ONLY SELLER.. Monopoly. KEY CONCEPT. A market structure is an economic model that helps economists examine the nature and degree of competition among businesses in the same industry.. WHY THE CONCEPT MATTERS. The level of competition in a market has a major impact on the prices of products. The more sellers compete for your dollars, the more competitive prices will be.. Characteristics of the Market Structures. Review of all four!. Read the excerpt about the case of cucumbers. Perfect Competition. Type of Market. Number of firms. in the industry. Similar or different products. Perfect Competition. Large numbers of buyers and sellers. Buyers and sellers deal in identical products. Each buyer and seller acts independently. Buyers and sellers are reasonably well-informed about prices and products. competition. . between . firms. operating in the . same industry.. INDUSTRY. . (Fast Food- type of industry). FIRM. . (NAME OF BUSINESS). FIRM. . (McDonald’s). FIRM. . (NAME OF BUSINESS). STORE. Chapter 7. Section 1. Perfect Competition. The market structure called perfect competition has the following conditions:. 1. Many buyers and sellers participating in the market. 2. Sellers offer identical products. Trudi . Makhaya. 1. The role of competition law in economic transformation. Apartheid . legacy:. Limited market competition and economic concentration. Extensive government intervention. Exclusion of the majority from participation in the economy. Disclaimer: The views expressed are those of the presenters and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve System.. TEKS. (9) Economics. The student understands types of market structures. The student is expected to:. Prof . Prasanna. . Shembekar. . Determinants of Market Structure . Number and nature of sellers ( Competition). Number and nature of buyers. Nature of product . Entry and exit conditions . Economies of scale . KEY CONCEPT. A market structure is an economic model that helps economists examine the nature and degree of competition among businesses in the same industry.. WHY THE CONCEPT MATTERS. The level of competition in a market has a major impact on the...