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Market structure in Economics?
the size and the form of a market that is able to effect the demand and supply is known as market structure in economics.
What are the 5 non-price determinants of demand?
consumer tastes and preferences market size income prices of related goods consumer expectations
A change in the composition of the population will generally do what?
change demand even if there is no change in the size of the population. Ask yourself this question? if the number of people stays the same, but a lot of people get older, demand for Iphone4 CAN decrease because older people are not interested in buying it.
Do you expect a firm's demand curve under imperfect competitionto be flatter or steeper than the market demand curve?
Imperfect competition means either having differentiated products and/or significant barriers to entry. The extent of the differentiation and the level of significance of the barriers will determine what kind of general market structure the market will take. Barriers to entry will determine both number of firms in the market and whether it will be easy for new firms to enter. Generally higher barriers to entry entail fewer firms and difficult entry to the market. Though other factors like market size and symmetric information does play a part in determining market structure, lets assume all else constant(ceterus paribus) If the products are homogeneous, there may exist a cournot equilibrium in quantity supplied where the firms guess each other's intended output, and hedge their output on their rival's most probable output. Such a condition would mean that the firm just sets output based on intelligent guesses, but takes whatever price is set by market forces.(they cannot set prices because products are NOT differentiated) . The larger the number of firms, the lower the market share . The larger number of firms means that they face a residual demand based on the number of firms . The elasticity faced by each firm would be n-times the market elasticity, where n is the number of firms. Thus, given homogeneous products the firm's demand curve will be more elastic(based on the number of firms) than the market elasticity(which is also based on n, higher number of firms, closer elasticity is to zero). Competition is deemed inperfect, however, if number of firms is not sufficiently large. This could be due to high barriers to entry(airlines) or other factors. For differentiated products but relatively low barriers to entry, there is the monopolistic competitive market(NOT to be confused with monopoly, which will be touched upon later). In this market, each firm only supplies a small proportion of the total market's total quantity supplied(a change in quantity by the firm will not affect market price). In this case, each firm will generally have a residual demand curve- meaning it will supply whatever the other firms won't or can't, at a particular price. In such an industry, when a firm is faced with a residual demand,the firm's demand curve will be very much more elastic(flatter) than the market's demand curve. Similar to homogeneous products, just that each firm has some market power to set its own price for its goods but not enough to influence market price. For Markets with only a few or several large firms each with significant market share and differentiated products(oligopoly), the fact that the demand curve is kinked means that there is no way to tell whether the demand curve facing the firm will be steeper than the market demand curve as the firm's demand curve has two distinct sections with two different elasticities(slopes). For markets where there is only ONE producer(monopoly) the market demand curve is the firm's demand curve. Thus it will have the same elasticity as the market's demand curve. Thus the firm's demand curve is expected to be flatter(more elastic) or as flat(elastic) as the market's demand curve, except in the case of an oligopoly where the firm's demand curve has more than one slope. Regards 6eXo9 Singapore p.s. feel free to correct me if I'm wrong anywhere, or somewhere.. :)
What are the industry dominant economic features?
Market size and growth rate, number of rivals, scope of competitive rivalry, buyer needs and requirements, degree of product differentiation, product innovation, supply and demand conditions, pace of technological change, vertical integration, economies of scale, learning curve effects.
Market structure in Economics?
the size and the form of a market that is able to effect the demand and supply is known as market structure in economics.
What else besides migration might account for a change in market size?
A reason for market change can be tax laws. Tax laws in a country can change the market profoundly.
Does tire size change speed?
It does not change the actual speed of a vehicle but changing tire size can affect the accuracy of the speedometer.
Does a change in tire size affect a transmission gear in BMW S7?
No.
How do plate tectonics affect the ocean floor?
They change its size and shape.
How market capitalization affects stock exchange?
Market cap of a stock can affect a stock exchange by increasing the size of an index. Appreciating value of a stock's shares outstanding increasing not only increase the value of market cap, but contributes to the size of the index.
What are the 5 non-price determinants of demand?
consumer tastes and preferences market size income prices of related goods consumer expectations
A change in the composition of the population will generally do what?
change demand even if there is no change in the size of the population. Ask yourself this question? if the number of people stays the same, but a lot of people get older, demand for Iphone4 CAN decrease because older people are not interested in buying it.
How does molecule size change of ozone layer affect the earth?
Molecule size changes of the ozone. When it is being depleted the most.
What are the various types of Semiconductor Packaging Market?
The global semiconductor packaging market size is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for consumer electronics in emerging economies.
What is Dissolving the particles size?
How do the following factors affect the rate of dissolving for temperature change
How do seasonal variations affect population and ecosystem?
Yes. Seasons can change the size of populations
