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What is four basic degrees Of competition take shape in a private enterprise system?
Perfect-many equal sellersMonopolistic- many sellers producing similar products that are perceived as different by buyersOligopoly-a few sellers dominate a makrketMonopoly- only one major seller
Under perfect competition is average revenue curve elastic or inelastic?
Under Perfect Competition the demand curve is perfectly elastic. I don't know if that helps but it might
Why to study perfect competition if it does not exist in the real world?
By studying perfect competition, we can learn how much an ideally functioning market system might accomplish and we can compare it to real world market structures.
What might create a monopoly?
One condition that leads to the rise of a monopoly is the ability of one company to buy another similar company out. Another condition occurs when one company lowers prices in such a way to drive another company out of business.
What is the meaning of the word oligopoly?
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.
What is meant by market structure?
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.
What is four basic degrees Of competition take shape in a private enterprise system?
Perfect-many equal sellersMonopolistic- many sellers producing similar products that are perceived as different by buyersOligopoly-a few sellers dominate a makrketMonopoly- only one major seller
Under perfect competition is average revenue curve elastic or inelastic?
Under Perfect Competition the demand curve is perfectly elastic. I don't know if that helps but it might
Why to study perfect competition if it does not exist in the real world?
By studying perfect competition, we can learn how much an ideally functioning market system might accomplish and we can compare it to real world market structures.
Why should governments regulate competition in a country?
Study Island: to ensure a wide variety of products for consumeralso study island: to keep prices of goods and services low
What might create a monopoly?
One condition that leads to the rise of a monopoly is the ability of one company to buy another similar company out. Another condition occurs when one company lowers prices in such a way to drive another company out of business.
What is the meaning of the word oligopoly?
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.
Compare and contrast perfect competition and monopolistic competition?
This is a rather common question within the Market Structure topic in Economics. In Market Structure, the Perfect Competition (PC) and the monopoly are considered extreme market structures, while other market structures also exist, like the oligolpoly and the monopolistic competition(MC). Before understanding the differences of these 2 market structure. It's important to realize that the PC market structure consists of many firms or sellers in an area or industry. The monopoly on the other hand, consists of a single seller. A good example, would be someone selling things on an island. The differences between the PC and the monopoly market structure are (1) Ease of entry and exit for firms (2) Type of product sold (3) Type of firm (4) Profit in short run and long run. First of all, is (1) ease of entry and exit for firms. For the PC market structure, new firms can easily enter the market structure, as there are no barriers of entry. This means that new firms who knows that there is a profit to be made in some area, location or industry can easily set up a new shop there. For the monopoly, there is substantial or high barriers of entry preventing new firms from entering the market structure. These barriers of entry are created by existing or dominant firms in a monopoly to prevent new firms or competitiors to enter the market structure. The second difference is (2) the type of product sold. For a PC market structure, the product sold is similar. This means that what one seller is selling, is what another seller is selling. Hence products in the PC market structure are perfect substitutes. We also assume that in PC market structure, the consumers have perfect knowledge of the product. This means that the consumers are aware of the price sold in another shop. For the monopoly, the product sold are not perfect substitutes, and can be rather unique. The third difference is the (3) type of firm. Since the PC market structure faces the above 2 characteristics, this means that the firm in this market structure are powerless to influence the price. This means they have no control to increase the price of the product. This is because if they increase the price of the product, and there are perfect competition, firms who increase the price, will lose out to other firms. Hence firms in PC market structure are considered to be Price Takers. Firms in monopoly market structure on the other hand, are Price Makers. This means that they can influence the price of their product sold to consumers. The monopoly is able to do that, as the monopolist is the single seller in a market. The last difference is the (4) existence of profit. For the PC firm, there is a possibility to earn abnormal profit in the short run, but not possible in the long run. This is because, in a PC market structure, when existing firms earn profit, new firms will enter the market structure, shrinking the profit. For the monopoly, there is a possibility to earn abnormal profit in short run and long run, as there is the existence of barriers of entry to prevent new firms to enter the market. Hope this helps. ( although I may have listed the differences here, they are not the only ones, there are others as well, but the rest can be complicated and might need the use of graphs ). (cheong@bgymail.gd.cn)
Webkinz won't let me cook in a competition what do i do?
It might be because the contest is full, or it might be a pro competition. A pro competition needs Webkinz pets of 5 or more levels.
What type of filing system might be preferable if privacy and convenience of expansion are important considerations?
Numeric.
How might monopoly affect prices?
a monopoly if it has a high demand can push prices up simply people will pay for something that is in demand where as a monopoly with low demand will carry on selling the item for less but the way a monopoly works means that the person who is operating the monopoly will shift the supply lower to always push the price up.
Are there other public functions that might benefit from more competition including competition from private?
The Post Office?
