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Essay / Research Paper Abstract
This 8 page paper is written in two parts. The first part looks at why the market for cars in the European Union is dominated by oligopoly rather than perfect competition with the consideration of average costs. The second part of the paper uses supply and demand economic theory to explain why the real price of oil is so high. The bibliography cites 6 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEecquest2.rtf
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Unformatted sample text from the term paper:
where there is an excess of supply over demand. However, it can be argued that the market remains one that is dominated by oligopoly rather than a perfect competition structure.
Looking at the industry this can be appreciated by considering what conditions would be needed for a perfect competition model to exist and the impact that average costs is
having in creating the oligopoly structure. When we consider the structure of any market there are many different potential formats or frameworks for that market. These structures revolve around
the amount of competition in any sector and the level of control and concentration of the competition. In general terms these are broken down into four models; perfect competition, monopolistic
competition, oligopoly and monopoly. In reality this should be seen as a sliding scale, as it is unlikely that any sector exists where there is perfect competition, and pure monopolies
are disappearing. The idea of perfect competition may be seen from different perspectives. Theoretically a very competitive market may be seen as perfect
by a consumer as it is in this market that prices will be the most competitive which will allow the consumer to pay the lowest likely price for the
goods or services they desire. This is the situation in comparison to an oligopolistic or monopolistic situation where there is little or no competition and collaboration or absence of competition
may keep prices at an inflated level. From business perception it may be more difficult to compete as they are unlikely to hold power over the market, there are few
barriers to entry and competition will be fierce with a downward pressure on prices and as such profits. In essence to achieve
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