Economics Chapter 7 Market Structures. Perfect competition is a in which a large number of all produce.

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1 Economics Chapter 7 Market Structures Perfect competition is a in which a large number of all produce. There are Four Conditions for Perfect Competition: Barriers to Entry Factors that make it for new firms to are called. Two types: 1. Start-up Costs 2. Technology Price and Output One of the primary characteristics of markets is that they are. In a perfectly competitive market, and reach their levels.

2 Monopoly: More than just a board game Defining Monopoly A monopoly is a dominated by a. Monopolies form when prevent firms from entering a market that has a. Monopolies can take advantage of their and charge. Forming a Monopoly Different can create different types of monopolies. Here are several ways monopolies form: 1. Economies of Scale: If a firm's start-up costs are, and its average costs for each additional, then it enjoys what economists call economies of scale. An industry that enjoys economies of scale can easily become a. 2. Natural Monopolies: A natural monopoly is a market that runs most when provides all of the. Technology and Change Sometimes the development of a can destroy a monopoly. 3. Government Monopolies: A government monopoly is a monopoly created by the government. These take several forms: Technological Monopolies: The government grants, licenses that give the inventor of a new product the right to sell it for a certain. Franchises and Licenses: A franchise is a that gives a single firm the right to sell its within an. A license is a right to. Industrial Organizations: In rare cases, such as, the government allows companies in an to restrict the in the market. Price Discrimination Price discrimination is the into groups based on. Although price discrimination is a feature of, it can be practiced by any with.

3 Market power is the ability to and total. Targeted discounts, like and manufacturers, are one form of price discrimination. Price discrimination requires some, distinct, and difficult. Output Decisions A monopolist sets output at a point where is equal to. Even a monopolist faces a it can choose to set either, but not. Monopolists will try to ; therefore, compared with a perfectly competitive market, the monopolist produces at a. Monopolistic Competition In monopolistic competition, many companies compete in an to sell products which are, but not. Four Conditions of Monopolistic Competition 1. Many Firms As a rule, monopolistically competitive markets are not marked by or, allowing. 2. Few Artificial Barriers to Entry Firms in a monopolistically competitive market high barriers to entry. 3. Slight Control over Price Firms in a monopolistically competitive market have some to because each firm's goods are a from everyone else's. 4. Differentiated Products Firms have over their because they can, or distinguish, their goods from other products in the market.

4 Nonprice competition is a way to attract customers through,, or, but not a. Four Conditions: 1. Characteristics of Goods The simplest way for a firm to its products is to offer. 2. Location of Sale A convenience store in the middle of the desert its product simply by selling it away from the nearest. 3. Service Level Some sellers can charge because they offer customers a higher. 4. Advertising Image Firms also use advertising to create between their own and other products in the marketplace. Prices, Profits, and Output Prices Prices will be than they would be in perfect competition, because firms have a to raise. Profits While monopolistically competitive firms can earn in the, they have to work hard to keep their product enough to stay ahead of their. Costs and Variety Monopolistically competitive firms cannot produce at the price due to the number of in the market. They do, however, offer a of goods and services to consumers. Oligopoly Oligopoly describes a market dominated by.

5 Two types: 1. Collusion Collusion is Price- fixing is 2. Cartels A cartel is. Comparison of Market Structures Markets can be grouped into four basic structures: Comparison of Market Structures Perfect Competition Monopolistic Competition Oligopoly Monopoly Number of firms Variety of goods Control over prices Barriers to entry and exit Examples

6 Regulation and Deregulation Market power is the ability of a to control and. Markets dominated by a tend to have higher and lower than markets with. To control and like a, firms sometimes use. Predatory pricing sets the below for the to drive out. Government and Competition Government policies keep firms from controlling the and of important goods. are laws that encourage in the marketplace. 1. Regulating Business Practices The government has the power to regulate if these practices give too much to a company that already has few. 2. Breaking Up Monopolies The government has used anti-trust to break up existing monopolies, such as the and. 3. Blocking Mergers A merger is a combination of into a. The government can mergers that would decrease. 4. Preserving Incentives In 1997, new were introduced for proposed mergers, giving companies an opportunity to show that their merging consumers. Deregulation is the of some over a market. Deregulation is used to. Many new competitors enter a market that has been. This is followed by an economically healthy of some firms from that market, which can be hard on workers in the.

a. Retail market for water and sewerage services Answer: Monopolistic competition, many firms each selling differentiated products.

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