with a makeshift of Microsoft product there still are those out there that would prefer the actual product and with Microsoft coming preinstalled on most types of computers it creates even more of an economic competition for the top leader in this market structure. Monopolistic competition was slightly explained in the paragraph before which is where one company has the same exact product as another company and they compete to gain consumers and more coverage of the economy. For instance home phones
Words: 710 - Pages: 3
Crystal Hayden ECON212-1502A-05 05/04/2015 JustCookbooks.com In six months from now I am going to open an online cookbook business. After researching different costs my business could have; I came up with a few figures for my fixed costs and variable costs. My fixed costs include technology, equipment, and overhead. Overhead expenses include accounting fees, advertising, insurance, legal fees, rent, repairs, supplies, taxes, telephone bills, and utilities. Technology would include web design
Words: 1120 - Pages: 5
with a monopolistic power in the marketplace. On the other hand federal regulation commissions are hard at work in protecting the consumer from unfair treatment. The judgments under which such decisions are made require careful consideration of the intent of the companies involved and how they affect the consumer. Why would the drug maker want to stymie generic competition? Explain. One of the main reasons that a major pharmaceutical company would attempt to stymie generic competition is of
Words: 1091 - Pages: 5
Perfect Competition Perfect competition industry/market has very large number of small firms because there are no barriers to entry and exit. As all the firms produce identical goods, the goods are perfect substitutes of each other. This causes the demand for the goods to be perfectly price elastic and the demand curve or average revenue curve to be almost horizontal. Consequently, the firms have are called price takers because they have no market power. Market power is defined as the ability of
Words: 329 - Pages: 2
better than perfectly competitive markets? yes government controlled monopolies are better than perfectly competitive markets:- 1. The reason that governments tolerate monopolies is because they are also one themselves. They have ultimate monopolistic control and the legitimate use of power and force. Whether it’s criminal justice, police, military or mail almost all government agencies function as a monopoly. They also like to give out monopoly favor to some of their well connected friends
Words: 272 - Pages: 2
according to APA style. 2. Find the four-firm concentration ratios for the following industries: fluid milk (311511), women's and girl’s cut & sew dresses (315233), envelopes (322232), and electronic computers (334111). 3. Assess the level of competition for each of the four industries. 4. Define oligopolies and identify which of the listed industries qualify as oligopolies. 5. Describe why these industries qualify as oligopolies and identify some of the firms that operate in the listed industries
Words: 710 - Pages: 3
Market Structure and Maximizing Profits There are four structures that exist within a market. These four are perfect competition, monopolistic competition, monopoly, and oligopoly. I will explain each market structure, and define what they are. I will also discuss how each structure works, and how each form maximizes the companies’ profits. I will also explain how to find the maximum possible price for an object before the company will start to lose money. If the company is not making a profit the
Words: 1168 - Pages: 5
©Professor Freddy Lee Resources vs Opportunities Limitation of resources ??? ?? ??? ?? Financial Strength Producing Capability and Flexibility Marketing Strengths The Marketing Environment: External • • • • It is about the macro-environment – Competition; – Macro-economy; – Technology; – Political and legal; – Social and cultural. It is about opportunities and threats It affects the company, as well as its suppliers and customers; It is usually uncontrollable. Competitive Environment Kinds of
Words: 836 - Pages: 4
* Perfect competition * Monopolistic competition * Oligopoly * Monopoly * Duopoly Perfect competition Perfect competition can be described as competitive depends in part on how many suppliers are seeking the demand of consumers and with a new businesses can enter and exit a particular market in the long run. In a market economy, competition occurs between large numbers of buyers and sellers who vie for the opportunity to buy or sell goods and services. Perfect competition exists when
Words: 1779 - Pages: 8
direct competition from other gourmet markets her business should not be considered a monopoly. There is indirect competition from the supermarkets in the area who offer gourmet food products, thus she is a niche player in the food service sector. Her business should be classified as an oligopoly as she does have few indirect competitors and the key to her success is her resources, both internally and externally. There is the potential to classify her business market structure as monopolistic competition
Words: 1129 - Pages: 5
