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Essay / Research Paper Abstract
This 9 page paper looks at the different ways in which the competitive markets may be structured, considering the model of perfect competition, trusting this to other forms of market structure. Discussing perfect competition, monopolistic competition, oligopolies and monopolies, the different characteristics identified in areas real world applications are presented to illustrate the models. The bibliography cites 4 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEMKTstru.rtf
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Unformatted sample text from the term paper:
in the setting of price and supply will be the basic model of supply and demand (Nellis and Parker, 2006). In order for this model to work there is the
need for perfect information on both sides. The supply and demand will be enhanced the absence of asymmetry of information, with details of the products or services freely available to
all who want them, so they can make judgements regarding what purchases to make in a more informed manner. The products or
service will usually be directly comparable so like can be compared with like, and there will be no, or very low, barriers to entry or exit as a limiting factor
of the industry, therefore there are no external influences such as regulation or price controls (Thompson, 2007). However, where there are lower profits and the need for investment such
as research and development, perfect competition may also reduce the ability to carry out these functions (Alston et al, 1997). One of the
best examples of this may be seen as an agricultural market where there are many stalls selling the same goods. If one stall is selling carrots at a price below
the others then it will be the stall that sells the most the rest of the other market stalls selling carrots will have to reduce their prices to compete if
they want to sell any products. This is determined by supply and demand, where the demand for carrots is greater than the supply the suppliers can put up their prices
until a point of equilibrium is reached between supply and demand; if the supply outstrips the demand then they will have to reduce the price of the carrots. However,
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