Does perfect competition and pure monopoly exist only in developed countries?
Yes because in a third world country or undeveloped country there is very unstable
goverment having no pure monoply or stable income
A monopoly has no competition.
Monopoly: Monopoly is a market in which only one seller and many buyers like Wpda, PSO Perfect Competition: Perfect Competition is a market in which there is a large numbers of buyers and large numbers of sellers.
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly
Yes, perfect competition allows the market to dictate prices where as a monopoly can set any price because there is no other alternative.
It's a monopoly.
Perfect competition allows for fairer price structures than those that would likely be seen in a monopoly.
A perfect monopoly is where a company that makes goods and services has absolutely no competition from anyone else. For example, Coca Cola is already on its way to a perfect monopoly although companies like Pepsi are still competeing.
Economists use two sets of concepts to answer questions. First they apply efficiency concepts such as productive efficiency. Then they ask how perfect competition and monopoly affect the consumer.
Examples of perfect competition are stock market, agriculture market and bicycle market of china.
In a perfect competition, the buyer is free to buy from any seller he or she chosses. :) in perfect competition there are many industries and the product is homogeneous in monopolistic competition there are many industries but the product is not homogeneous in monopoly there is only one company that produces the product in oligopoly there are not many industries that produces the product and there is a leader industry which "Rules" and controls… Read More
pure or perfect, monopolistic, oligopoly, and monopoly
i like monopoly the car and the dog are the best love jamie and callum
higher prices and fewer goods
Monopolistic competition involves slightly differentiated products while monopoly involves a single product. In a monopoly there is exclusive control of the supply or trade of a commodity or service. In monopolistic competition the competition is imperfect and many producers sell products that are slightly different and not perfect substitutes.
What is the Price elasticity of demand in each of the four market structures - perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
Probably Monopoly, Oligopoly, Competitive Oligopoly and Perfect Competition. Corresponding to 1, 2-5, 10-30, or very many firms. It really depends on the product though - perhaps 10-30 firms is already enough to create perfect competition. Another characterization might be: Monopoly (1), Duopoly (2), Oligopoly (3 - ~ 30), Perfect Competition (many firms).
In imperfect competition, there are really big companies that have a large effect on the economy, and there is even a monopoly sometimes. In perfect competitions, one of the requirements is not to have any sole firm have any noticeable impact on the economy.
first we need to find what is monopoly and what is perfect competition. Monopoly is the market structure that have only one seller, and only sell the unique products. And Monopoly also have very high barriers entry and its impossible to entry. Otherwise, Perfect competition is the market structure that have many small firms, and only sell the homogeneous products. Perfect competition also have a very low barriers entry, so its very easy to entry… Read More
What are the differences between a perfect or pure monopoly a monopolistic competition oligopolies a perfect or pure competition?
Not many differences. Capitalism favors competition among private companies, but rarely creates monopolies. One source, in the references, says monopolies can be created by governments more than private companies. References: http://www.americansolvent.com/2009/07/03/competition-vs-monopoly-whats-the-big-confusion/
Hey Guys , here is the answer for your querrie ......................... Example of MONOPOLY in INDIA - RAILWAYS......... But it can't be taken as an absolute answer for the querrie............
Monopolistic competition is a market situation that is different from both perfect competition (PC) and monopoly. The theory of monopolistic competition was first developed by Chamberlin. In monopolistic competition the firms sell differentiated yet highly substitutable products, whereas in PC, the firms engage in production of homogeneous products. This product differentiation gives the firms a bit of monopoly power in pricing and they face slightly downward sloping demand curve as compared to the horizontal demand… Read More
In which type of market do individual firms have no incentive to advertise that is to engage in non-price competition?
monopoly =========== It is actually perfect competition. In a monopoly, a firm may choose to advertise to gain a better image on the market. But in a perfect competitive market, prices are set by the market (Firms are price takers), thus advertising would not increase profits at all.
Perfect competition is a type of market where the monopoly is absent. In this situation, the numerous sellers and buyers know what is going on, and the commodities' prices are outside individual control on both sides.
Flase, The suuply curve of a "perfect competition" is its marginal cost curve
Perfect Competition Number of firms: Many Barriers to entry: None/non-existent Pricing: Price = Marginal Cost Monopolistic Competition Number of firms: Few Barriers to entry: None/few Pricing: Marginal Revenue = Marginal Cost, Mark-Up to Demand Function (monopoly pricing; product differentiation)
Four primary market structures are 1 Monopoly 2. duopoly 3. oligopoly 4. perfect competition
A monopoly is a market which has only one firm, the firm has market power, and there are barriers to entry. The long run profits for a monopolist may be greater than zero. Monopolistic competition is more closely related to perfect competition than monopoly. In monopolistic competition, there are many firms in the market. However, each firm has product differentiation. An example of monopolistic competition would be the jeans industry. There are many different types/quality… Read More
Compare and contrast monopolistic competition market structure with perfect competition and monopoly?
I have no idea what that is supposed to mean. I am sorry but better luck next time. But until we meet again on Wiki answers I will Be thinking of you! Not really but you can imagine that I am. And My name is of no convenience.
micro economics is applied in determining the output and prices, demand and supply of goods, working of different markets like perfect competition, monopoly, oligopolistic etc.
IBM is a company, so it can't be a perfect competition. Only industries can be a perfect competition, or not.
i don't think it's good enough especially in the developed country or society, beside the positive impact for rising the potency of the society, perfect competition also make the competition only available for whom had enough resources, not for all society. so this condition must have a mediator to make competition become fair enough for the society
what are the advantages of perfect competition
The marginal revenue curve describes the incremental change in revenue (that is, price*units sold). The MR is not always equivalent to its demand curve. The more perfect competition is, the closer demand approaches the MR. This is because, in perfect competition, firms sell at the MC = MR = P criterion. In the opposite case, monopoly, MR always lies under of demand, and firms achieve monopoly profits by choosing a production quantity where MC =… Read More
PURE AND PERFECT COMPETITION IS ONE AND THE SAME, THERE IS NO DIFFERENCE PURE AND PERFECT COMPETITION IS ONE AND THE SAME, THERE IS NO DIFFERENCE
In Monopoly, there is no market power as the monopoly firm is the only supplier and holds pricing power. However in a perfect competitive market, prices are set by interaction of supply and demand. This is why monopoly markets are undesirable relative to perfect competitive market.
An oligopoly is an intermediate market structure between the extremes of perfect competition and monopoly. Oligopoly firms might compete (noncooperative oligopoly) or cooperate (cooperative oligopoly) in the Marketplace.
It is a perfect competition There are numerous buyers and sellers. Who doesn't buy milk? With some exceptions (organic, 1%, reduced fat etc.) milk identical. Different companies don't produce different "types" of milk Buyers and sellers are well informed There are no major barriers preventing the free market to enter/exit
Perfect competition to what. Please be specific.
What is the similarities between perfect competitive monopoly monopolistic competition and oligopoly?
All of these market systems MUST produce at the qunantity of max profit if they want to make the most amount of money. (aka MC=MR)
Sellers offer different, rather than identical, products. Each firm seeks to have monopoly-like power by selling a unique product. Product variation is much more common than having identical products. As a result, monopolistic competition is much more common than perfect competition.
A perfect competitive market and pure monopoly market both have to follow the "law of demand".
No, Perfect Competition is just an imaginary one and it does not exist at all.
Why you would expect a monopoly to charge a a higher price than an industry operating under perfect competition?
If a company holds a monopoly, consumers are focred to pucharse its goods and services. As consumers do not have an alternative, the company can charge higher and higher prices without losing its customers (becuase they don't have anywhere else to go!).
Perfect competition is a model that is used for understanding interactions. If you are on a desert island and there is one vendor who sells water, that vendor has a perfect monopoly on drinkable water. If you are in the market for fish and the sea is filled with boats offering fish, that would be closer to perfect competition. It would take you time to negotiate with each boat in the entire ocean, so the… Read More
There is no perfect competition in the real world, however, a number of approximations does exist. Agricultural vendors and free software vendors are example of people who offer perfect competition.
The Meralco Electric Company is a perfect example of monopoly in the Philippines
1.) Perfect Competition 2.) Imperfect Competition 3.) Oligopoly 4.) Monopoly In economics, market structure (also known as the number of firms producing identical products.) Monopolistic competition, also called competitive market, where there are a large number of firms, each having a small proportion of the market share and slightly differentiated products. Oligopoly, in which a market is dominated by a small number of firms that together control the majority of the market share. Monopoly, where… Read More
Perfect competion lowers the cost of good and services by increasing the competition among firms.
Perfect-many equal sellers Monopolistic- many sellers producing similar products that are perceived as different by buyers Oligopoly-a few sellers dominate a makrket Monopoly- only one major seller