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Markets (market structures (monopolistic competion (heavy competion (must…
Markets
market structures
monopolistic competion
low barrier to entry but little harder the perfect
has elements from monopoly and perfect
heavy competion
must be aware of competitors actions
have some control over own prices
products are differentiatied
large no. of large firms
perfect competiton
unlimited competition
no barriers to entry
identical products among sellers
each firm is a
price taker
large no. of small firms
oligopoly
medium barrier to entry- they work together to control all the resources and prices
sensitive
differentiated or identical
collusion
few sellers control the market
monopoly
single seller
no close substitutes
high barriers to entry
types of monopolies
natural-more efficient for the people
geographic-specific area because of big market
technological- patents
government
types and causes of market failiure
inadequate information
resource immobility
inadequate competition
side effects
features of efficient and successful markets
buyers and sellers are well informed about conditions and oppurtunities
resources must be free to move from industry to industry
adequate competition
what are markets?
where buyers and sellers meet
to exchange goods and services