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Essay / Research Paper Abstract
A 5 page paper that provides an explanation of perfect competition and compares this market condition to oligopoly, monopolistic competition, and monopoly. The conditions that form a perfect competition market are discussed. An example is provided using the commodity of fishing licenses. 1 table included. Bibliography lists 8 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGperfcm.rtf
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Unformatted sample text from the term paper:
in the Industry Presence of Competition in the Industry Ease of Entry for New Firms Into the Industry Perfect Competition many extremely competitive, firms produce identical goods very easy Monopolistic
Competition many firms, or many product choices competitive, but firms can establish market share fairly easy Oligopoly few restricted by collusion difficult due to high fixed costs Monopoly one none
usually prohibited for legal reasons (Source: Kaplan, 1999). An oligopoly exists when the competitors in an industry pursue their own interests of profitability. However, no competitor takes actions that would
cause severe competitive reactions from other companies in the industry. In other words, competitors within the industry pursue their interests but do so in such a way as to
benefit the entire industry (Porter, 1980). A monopoly exists when a company has the power to name ones price for a product and not being concerned that consumers will
seek a lower price elsewhere. This company controls the market for a specific product (Kirzner, 2000). Monopolistic competition is described as being between oligopoly and perfect competition. It
is a market in which a number of companies hold market power. For example, McDonalds holds a greater share in the fast food industry but this is not the only
company that has high sales. It is possible to enter this market but it is difficult to unseat the leaders (University of Massachusetts, 1998). In the perfect competition model,
producers are "price takers." That means that the price for the companys goods are determined by the entire market. That also means that no individual company influences the market price.
Demand is infinite, i.e., the company would be able to sell as much as it could produce when the price is determined by the market. Kaplan states there are specific
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