PPT-Market Structures Mods 61-63: Monopolies

Market Structure Monopoly Intro to Monopolies Monopoly is exact opposite of perfect competition Monopoly one supplier of a good Demand curve for the firm demand curve for the market Market Structure Monopoly. Japan’s power monopolies raise costs and stifle innovation. . Ten regional monopolies (including TEPCO) are stifling innovation. Green technology needs more work (Needs more academic funding). Some politicians in favor of monopolies/ others against them. Types of Market Structure. Four principal models of market structures:. Perfect Competition. Many producers sell identical product. Monopoly. Single producer sells a single, undifferentiated product. Monopoly. -A situation in which a . single. . company. . owns. all or nearly all of the . market. for a given type of . product. or . service. . . No competition!!!. Cartel. loose . association of businesses making the same product, that agree to share certain business practices, such as same pricing.. Slide 2 presents a table that can be printed for each student. For best results, use "landscape" page orientation.. Slides 3 through 10 plots and draws marginal revenue, marginal cost, average total cost, and average revenue (demand), respectively.. More than Just a game. Why did Big Business grow?. Availability of work force. National markets created by transportation. Lower-cost production. Inventions. Advertising. Financial resources. Access to raw materials and energy. -A situation in which a . single. . company. . owns. all or nearly all of the . market. for a given type of . product. or . service. . . No competition!!!. Cartel. loose . association of businesses making the same product, that agree to share certain business practices, such as same pricing.. 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.. By Carrie Moran. Project goal. To examine the Metadata Object Description Schema (MODS) metadata scheme to determine its utility based on structure, interoperability and metadata quality. . Mods. <History>. What is a monopoly?. A monopoly forms when barriers prevent firms from entering a market that . has a single . supplier with close to no substitute goods. .. Monopoly markets only have one seller, whereas, perfectly competitive markets have multiple sellers.. One firm selling good or service with no substitutes. Barriers to entry that prevent competition from new firms. What is a monopoly?. Monopoly in the news. Natural. One firm can meet demand at a lower ATC than two or more firms. 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. Students will be able to identify and/or define the following terms:. Monopoly. Natural Monopoly. Patent. Do . Now. What is a barrier to entry?. Any condition that makes it difficult to enter a market.. Monopoly Meaning: . A m. onopoly is a market structure characterized by a single seller or producer that controls the entire supply of a particular good or service. This dominance gives the monopoly significant market power, allowing it to...