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A market structure in which only a few sellers offer a similar product?
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What factors determine the market structure of a particular industry?
there are four factors that determines the market structure of a particular industry they are: number of buyers and sellers information and mobility the nature of product. entry and exit of a firm from market.
Under what market conditions is monopolistic competition possible?
a large number of sellers produce a product or service that is perceived by consumers as being different from that of a competitor but is actually quite similar
What is the term in economics by which a group of buyers and sellers of a product come together to trade?
market
What is the role of buyers and sellers in determining market clearing prices?
The sellers will determine how much they want the product to cost to make it worth producing. Buyers will determine how much they will spend on the product.
What is a market structure with a large number of sellers who makes differentiated products is called?
Monopolistic competition
Generic Market vs product market?
A generic market is a market with 'broadly similar' needs and sellers offering various, often diverse ways of satisfying those needs. In contrast, a product market is a type of market with 'very similar' needs and sellers offering various close substitute ways of satisfying those needs.
What factors determine the market structure of a particular industry?
there are four factors that determines the market structure of a particular industry they are: number of buyers and sellers information and mobility the nature of product. entry and exit of a firm from market.
Under what market conditions is monopolistic competition possible?
a large number of sellers produce a product or service that is perceived by consumers as being different from that of a competitor but is actually quite similar
What is the term in economics by which a group of buyers and sellers of a product come together to trade?
market
What is the role of buyers and sellers in determining market clearing prices?
The sellers will determine how much they want the product to cost to make it worth producing. Buyers will determine how much they will spend on the product.
What is a market structure with a large number of sellers who makes differentiated products is called?
Monopolistic competition
What are some affects to the market supply curve?
cost of labor a change in the demand for the product the number of sellers offering the product
What are the requirements for competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
What are the requirements for perfect competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
What type of market structure is subway?
Subway's market structure is a monopolistic competition. Subway competes in its industry in terms of similar price points for its products along with having similar products.
Difference between a physical marketplace and an e-marketplace?
Physical marketplace; · Buyers and sellers meet together face to face · The market place is physical · The product and services are delivered physically · The market is not an electronic market E-marketplace; · Business takes place in an e-commerce site · Buyers and sellers delivers and receive money product and services electronically · Buyers and sellers only meet online · The marketplace is not physical
A decrease in the number of sellers in the market causes what?
If the number of sellers in a market increases the
