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Essay / Research Paper Abstract
This 6 page paper looks at the models of pure competition and monopoly considering what the theories indicate about the competitive condition and how these will impact on an industry. Each model is considered and examples used to illustrate points raised. The bibliography cites 4 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEpurecomp.rtf
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Unformatted sample text from the term paper:
of the competitive environment will also include the industry structure. By looking at the model which starts with monopoly at one end of the scale, and then moves to pure
competition at the other, the influence on the firms and the industry as a whole can be appreciated. In a pure monopoly
there is only one company in the sector, there is no competition and therefore the service or product is unique and differentiation standardisation is not an issue as there is
only the one product or service available (Thompson, 1998). This single company control means that market forces will mean very weak
as the monopoly is often in an industry where there is elasticity of a company is below 1 and as such is an essential service, therefore there is a large
amount of power with the supplier and as such there are many problems with a monopoly. Consumers or buyers have no power as they have no choice of supplier.
If a competitor which to enter that market they will not be able to as their entrance will be completely blocked (Thompson, 1998).
There will also be a high degree of asymmetry of information in this market structure. This means a new entrant is very unlikely to
This type of market is becoming less popular due to the problematic nature of the market where no competition leads to high prices, low investment levels and little
if any progress, therefore it is not in the interests of either supplier or competition to have a monopoly. There are many examples we may cite, in the past there
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