Sunday, February 14, 2016

Types of Market Structure

There are 4 basic types of Market Structure:
1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly
Select one of the above, give me one fact about the market structure and one example of a modern day business that operates as the structure you select. Don't copy your classmate's ideas.

84 comments:

  1. Oligopoly:
    Fact:Market power in oligopoly is due to a lack of sellers or producers in the market
    Example:An example of an oligopoly would be the computer operating systems. This market is dominated by Windows, Apple's Mac OS and Linux
    Poju Adeogba
    Period 2

    ReplyDelete
  2. Monopoly:
    Fact: monopoly is a market environment where there is only one provider of a certain economic good or service.
    Example: The cable company is an example of this in India (sort of like it is in America.) The cable company in India, facing no competition, is notorious for poor quality and poor service.
    Jiayu Wang
    Period 4

    ReplyDelete
  3. Perfect Competition:

    Fact:Perfect Competition describes markets that have no participants are large enough to have the market power to set the price of a certain product/good/service.

    Example: Agricultural markets. No farmer is large enough to set the market price for selling corn, wheat etc. Therefore, agricultural markets are really close to the perfect competition definition because there are many providers who sell the same good, and different goods, but are not large enough to singlehandedly set the market price.

    Shalom Soman
    Period 4

    ReplyDelete
  4. Monopolistic Competition:

    Fact:Monopolistic Competition is a market structure in which many
    Firms sell products that are similar but not identical

    Example: Restaurants. An example of monopolistic competition are Chinese restaurants and buffets, though they both have the same basis of what their food is going to be, the taste and quality is different.

    Cynthia Galán
    Period 4

    ReplyDelete
  5. Perfect Competition

    Fact: They are structured so that no small firm can alter the market price or the quantity demanded.

    Example: An example of this would be a farmer's market such as Pike's Place market. There are so many suppliers in this one given market that if one supplier were not to show up or sell anything on a given day, it would not affect the market price

    Victoria Avila
    6th period

    ReplyDelete
  6. Monopolistic Competition

    Fact: Monopolistically competitive firms are assumed to be profit 'maximisers' because firms tend to be small with entrepreneurs actively involved in managing the business.

    Example: Hotels- knowledge is widely spread between participants (different hotel companies) and they learn from each other's ideas to compete for customers.

    Omar Khadimally
    2nd Period

    ReplyDelete
  7. This comment has been removed by the author.

    ReplyDelete
  8. Perfect Competition

    Fact: Structured so that buyers and sellers can freely leave and enter the market

    Example: Taco trucks and other street food vendors can price their items to their own taste and can shut down and start back up when they feel like it.

    Dahlia Chandrahasan, 4th period

    ReplyDelete
  9. Perfect Competition

    Fact: Perfect competition means there are few, if any, barriers to entry for new companies, and prices are determined by supply and demand.

    Example: Coffee shops can price their own coffee and can start up whenever they get the opportunity. Ex. Starbucks, Tim Hortons, Dunkin Donuts

    Nofil Haque
    Pd. 2

    ReplyDelete
  10. Oligopoly

    Fact: Oligopolies consist of few firms, identical or similar products, and have low ease of entry.

    Examples: Companies that manufacture automobiles or computers

    Jewel Zachariah
    Period 6

    ReplyDelete
  11. Monopoly
    Fact: A monopoly falls under the category of limited competition because it assumes that a single producer sells a product with no close substitutes to many buyers and benefits from barriers to entry by other firms.
    Example: The brand Luxottica is directly involved in the production of over 80% of the world’s major eyewear brands.

    Fatima Wahid
    Period 2

    ReplyDelete
  12. Monopolistic competition
    Fact: a type of imperfect competition such that many products are differentiated from on another and hence not perfect substitutes.
    Example: breakfast cereals like Kellogs who make cereal with bran and rasins just like other but claim for it to be different than others.
    Leesa Cano period 6

    ReplyDelete
  13. Monopolistic competition
    Fact: a type of imperfect competition such that many products are differentiated from on another and hence not perfect substitutes.
    Example: breakfast cereals like Kellogs who make cereal with bran and rasins just like other but claim for it to be different than others.
    Leesa Cano period 6

    ReplyDelete
  14. oligopoly
    Fact:a market structure in which small interdependent firms compete together.
    Example: cars, phones, and cereals.

    ReplyDelete
  15. Oligopoly

    Fact: a market where a few organizations dominate.

    Example: Smartphones. Android and iOS dominate the market, with Windows OS trailing behind.

    ReplyDelete
  16. Fact: Oligopoly barriers to entry are high which allows a few groups to run the market in which they understand the actions of each others which makes it easier for them to maximize profits by being price setters and not price takers.

    Example: The four wireless providers (AT&T, T-Mobile, Sprint, Verizon) control 89% of the nation's cellular telephone service market.

    Babur Khan, 4th Period

    ReplyDelete
  17. This comment has been removed by the author.

    ReplyDelete
  18. Monopoly
    fact:Monopoly, which only a single firm supplies only one type of product, and that firm can charge whatever price it wants because consumers have no alternatives.
    Example:Monsanto
    Monsanto is a agriculture company that has take 80% of the US corn feild.

    Yun Ju Huang
    4th

    ReplyDelete
  19. Monopoly
    Fact: Monopoly and competition are not mutually exclusive elements, but may both me present in any given market.
    Example: Trucking and railroad companies became monopolistic after establishment of the Interstate Commerce Commission, which imposed heavy costs on start-up transportation competition.

    Karishma Shah, Period 2

    ReplyDelete
  20. Monopoly
    Fact: Since a monopoly is a system in which only one firm supplies a specific product, the firm is able to produce only few of those products and charge very high prices, especially when the product produced has an inelastic demand.
    Example: Samsung
    Samsung has a monopoly on phone screens so you can only get a cracked phone screen replaced by Samsung directly, at a very high cost.
    Jackie Rosenthal
    4th period

    ReplyDelete
  21. Perfect Competition

    Fact: Businesses strive to compete and defeat each other though innovation and fair play.

    Example: The new cryptocurrency Bitcoin introduces new businesses and startups that strive to compete to bring a easier, faster, and safer way to deal with this new currency. New companies are propping up and the community is supporting every establishment making the jump on this new currency.

    Derrick S.
    2nd period

    ReplyDelete
  22. Veronica Wang
    Period 6

    Oligopoly can contain a high concentration ratio, meaning many firms dominating an industry, instead of just one or instead of a very large amount of firms. An example of an oligopoly are energy companies such as Shell, Mobil One, Chevron, BP, etc.

    ReplyDelete
  23. Tiffany Chan
    6th Period

    Monopoly

    1) A monopoly is the simplest model of limited competition because it only sells a particular product.
    2) An example of a monopoly would be Pan Am Airways. It dominated airmail and transportation.

    ReplyDelete
  24. Perfect Competition
    Fact: It is a market structure where many firms offer a homogeneous product.
    Example: One of the examples of perfect competition would be foreign exchange markets. In foreign exchange markets, currency is all homogeneous. Also, traders will have access to many different buyers and sellers. There will be good information about relative prices. When buying currency, it is easy to compare prices.
    Lucky Marchelino; 4th Period

    ReplyDelete
  25. Oligopoly
    Fact: Due to the small number of large firms within an industry, rivals can significantly affect each others' prices, outputs, and etc.
    Example: Pepsi
    Raymond Loh
    6th period

    ReplyDelete
  26. Monopoly- In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. An example of a monopoly is Simmons Pet Food. They are the largest canned pet food private label and co-branded manufacturing businesses that dominates the United States pet food production.
    Ana Salim
    4th period

    ReplyDelete
  27. Monopolistic Competition
    Fact: Existence of Large Number of Firms (substitutes for products are closer than expected, competition is higher between large firms)
    Example: Crest and Colgate Toothpaste, both different brands but same function.

    Eric Chong
    2nd Period

    ReplyDelete
  28. monopoly

    the exclusive possession or control of the supply or trade in a commodity or service.

    example: yeti

    ReplyDelete
  29. Perfect Competition

    Fact: In a market with "perfect competition" all firms have a relatively small market share and for that reason cannot control the market price of their product.

    Example: A milk producer. Because there are so many different milk producers all making the same exact product, none of them are big and powerful enough to set the market price since consumers could just go to one of the many other producers for the same exact product at a lower price.

    ReplyDelete
  30. Monopoly
    Fact: It describes complete control of the entire supply of goods or of a service in a certain area or market
    Example: Verizon company is the only cell phone provider of the area. If you want to buy a cell phone, you have to go there because they can change the price as the way they want.

    ReplyDelete
  31. Monopolistic Competition

    Fact: When firms in monopolistic competition are making a profit, new firms have an incentive to enter the market
    Example: In an outdoor souvenir market, many different vendors sell very similar key chains that may only have variations in design and quality

    Logan Felton, Period 2

    ReplyDelete
  32. Monopoly: Monopolies have a complete control over the industry that they are in. They can set whatever price they want because there is no competition to offer different prices.

    Ex: If a firm were the first firm to develop chocolate cows that could naturally produce chocolate milk and made sure their methods of developing such a cow were kept under wraps, that firm would then have monopoly over naturally produced chocolate milk.

    Rifa Shah
    Period 4

    ReplyDelete
  33. Perfect Competition
    1: Each unit of input are also homogenous.
    2: A pig farmer is an example of perfect competition. Since there is many different pig farmers, no one can control the market like in monopolies, and people are free to move around for the best price.

    Amanda Miller
    p.6

    ReplyDelete
  34. Perfect Competition
    Fact:Producers in a perfectly competitive market are subject to the prices determined by the market and do not have any leverage.

    Example:modern day business that operates as Perfect competion is Internet related industries.The internet has made many markets closer to perfect competition because the internet has made it very easy to compare prices, quickly and efficiently .The internet enables the price of many books to fall in price, so that firms selling books on internet are only making normal profits.

    Ashley Abraham
    Period 6

    ReplyDelete
  35. Oligopolies
    Fact: Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers

    Example: General Electric, Pratt and Whitney and Rolls-Royce plc own more than 50% of the marketshare in the airliner engine market

    Shogan Tom
    Period 6th

    ReplyDelete
  36. Fact: A monopolistic competition, where many firms have a relatively low market power, has an elasticity of demand that is highly elastic and is sensitive to price changes in the long run.

    Example: The cell phone market is highly elastic as not many people are willing to get the latest and greatest cell phone on the market *cough *cough *iPhone 7 *cough when their own phone performs perfectly fine or when an older model from last year is cheaper.

    Andrew Auyeung
    Period 2

    ReplyDelete
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    ReplyDelete
  38. Monopoly
    Fact: Since the Monopoly firm's demand is equal to the market demand, they will keep selling products until the extra amount of profit they receive is greater than the additional costs in producing that good so they set their quantity where MC=MR.

    Example: Microsoft owns a handful of smaller companies that has no competition to the main firm.

    Ayoub Nasraddine
    Period 6

    ReplyDelete
  39. Oligopoly

    Fact- tends to be the worst efficiency offender in the real world

    Ex) The tobacco companies, soft drink companies, and airlines

    irene denny
    2nd period

    ReplyDelete
  40. Monopolistic Competition:

    Fact: The market structure has a wide variety of firms that will supply demands of consumers, this market structure is typically characterized by the ease of entry for new firms and lack of uniformity for products, therefore allowing varieties of products that will please the wide range of consumer tastes.

    Modern Day Business: The cartoon industry. There are many different companies making many types of cartoons out for television networks. It is relatively easy for other companies to enter the market, though quite harder for them to stay in it.

    Jackie Landoski
    Pd.2

    ReplyDelete
  41. Oligopoly

    Fact: Oligopolies tend to compete on terms other than price. Loyalty schemes, advertisement, and product differentiation are all examples of non-price competition.

    EX) National mass media and news outlets

    Sarah Sam
    6th period

    ReplyDelete
  42. Monopolistic Competition:

    In a monopolistically competitive industry its easy for the new firms to enter and the existing firms to leave it. The new firms entering will increase outputs which can cause the price of the product of that market to fall, especially when the items being sold are similar.


    Example:

    India's banking system that be an example of a monopolistic competitive market. In 1992, India made reforms to the financial sector which caused the banks to be more competitive- meaning that they were employing similar products at similar prices.

    Yousuf Sirajuddin
    Per. 2nd

    ReplyDelete
  43. Perfect Competition

    Firms can only make normal profits in the long run, although they can make abnormal (super-normal) profits in the short run.

    Free software is an example that is similar to agricultural marketplaces. In this case,software developers are free to enter and exit market according to their will. Pricing is also determined by market conditions, rather than the sellers.

    ReplyDelete
  44. Perfect Competition

    Fact:There is no need for government regulation, except to make markets more competitive.

    Example: A fish market. It is easy to enter and exit the market when selling fish and there is no large companies that can affect the price of fish on their own.

    Alex Nguyen
    Period 6

    ReplyDelete
  45. Perfect Competition
    Fact: All firms are price takers they cannot control the market price of their product.
    Example: Imagine shopping at your local farmers' market there are numerous farmers, selling the same fruits, vegetables and herbs. You can easily find out the prices for the goods, but they are usually all about the same.

    Simran Manasiya
    4th Pd.

    ReplyDelete
  46. Oligopoly:
    Fact: An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated. Although only a few firms dominate, it is possible that many small firms may also operate in the market.
    Examples of Oligopolies are Airways such as Air France and the British Airlines because they are very few and face a less amount of competition between sellers.

    ReplyDelete
  47. Monopoly
    Fact: The seller is the sole source of supply of an economic product. Some degree of monopoly power is practically unavoidable.
    Example: Amtrak is the only passenger railway company in the U.S. that provides cross-country services.

    Prakul Suresh
    6th Period

    ReplyDelete
  48. Monopolistic Competition
    Fact: The monopolistic competitive firms expect zero economic profits in the long run. Instead, they focus on the incentive for firms to enter the market, to find products that differ in some aspect from existing products.
    Example: In a monopolistic competition, products of each individual firm are distinguished from products of other firms. Firms sell their products with different brand names such as Lux, Dove, and Lifebuoy, which are all soap brands.
    Neha Shah
    Period 6

    ReplyDelete
  49. This comment has been removed by the author.

    ReplyDelete
  50. Perfect Competition
    Fact:a market situation in which there exists a homogeneous product, freedom of entry, and a large number of buyers and sellers none of whom individually can affect price
    Example: The food court, there are a variety of foods sold there and no one figure can affect the prize. Customers are able to go there, find what they want, and buy it.
    Alex Ittoop 2nd

    ReplyDelete
  51. Oligopoly: consists of a select few companies having significant influence over an industry
    Example: the cable industry in the United States is controlled significantly by a few companies putting up stakes in certain territories and benefit from high prices due to low competition.

    Sunny Patil
    4th period

    ReplyDelete
  52. Monopolistic Competition
    Fact: There is freedom of entry and exit. Therefore, it has features of both competition and monopoly

    Example: Toothpaste Manufacturers, Colgate has the monopoly of producing it. No-one can produce toothpaste under the Colgate name. But at the same time faces competition from other toothpaste manufacturers as thier products are close substitutes of Colgate toothpaste

    ReplyDelete
  53. Perfect competition

    Fact: In a perfect market, buyers are completely aware of seller's prices.

    Example: Agricultural markets, or farmer markets

    ReplyDelete
  54. Perfect competition

    Fact: A condition of perfect competition is complete knowledge of offers to buy and sell by the participants in the market.

    Example: Stock Market

    Kyle Newby
    Period 4

    ReplyDelete
  55. Monopoly

    Fact: Where there is no competition on a product, as only one company is a provider of that product.

    Example: Certain pharmaceutical have monopolies over areas in medicine, as they are the only group to produce that certain medicine.

    Nicholas Tong
    Period 4

    ReplyDelete
  56. Perfect Competition
    There are too many firms in the market to measure as a result of having no barriers to entry.
    Example: drug store cosmetics

    Sophia Lian
    2nd Period

    ReplyDelete
  57. Perfect Competition

    Fact: Producers in a perfectly competitive market are subject to the prices determined by the market and do not have any leverage.

    Ex: A single firm decide to increase its selling price of a good, the consumers can just turn to the nearest competitor for a better price, causing any firm that increases its prices to lose market share and profits. Agricultural markets are examples of nearly perfect competition as well.

    Karina Guerrero
    4th period

    ReplyDelete
  58. Oligopoly

    Fact: Oligopolies tend to have no unique pattern of pricing behavior. Rivalry among oligopolists due to interdependence creates two conflicting motives. Each wishes to stay independent and to gain a maximum possible profit. thus, they act and react on the price out-put movements of one another which are continuous element of uncertainty. However, as each is motivated by profit, the sellers cooperate again, causing unique pricing patterns.

    Examples: Internet search engines such as google, yahoo, and bing

    ReplyDelete
  59. Oligopoly

    Fact: An Oligopoly is controlled by a few producers who affect each other but do not control the market, therefore, each producer must consider the price change of the other because this will cause the other producer to lower costs for the sake of competition.

    Example: The music entertainment industry which is controlled by groups such as Sony, Warner Brother, and Universal Music Group.

    ReplyDelete
  60. Oligopoly

    Fact: An Oligopoly is controlled by a few producers who affect each other but do not control the market, therefore, each producer must consider the price change of the other because this will cause the other producer to lower costs for the sake of competition.

    Example: The music entertainment industry which is controlled by groups such as Sony, Warner Brother, and Universal Music Group.

    ReplyDelete
  61. Daniel Oviedo
    period 4
    Fact : The term monopoly in a strict sense refers to a situation in which a seller is the sole source of supply for an economic good that has no significant substitutes.

    Example: Venezuela has a current monopoly in where the government owns the only major businesses that produce any food or supplies, they allow for no competition due to communist ways of governing.

    ReplyDelete
  62. Mononpoly

    Fact:the word monopoly was never used in English law, except when there was a royal grant authorizing some one or more persons only to deal in or sell a certain commodity or article.

    Example: Unilever, They make everything from food to home care products, and currently owns over 400 name brands around the world including Dove, Axe, Becel, Lipton, Knorr, etc

    ReplyDelete
  63. Amira Nickerson

    Monopolies
    Fact: Monopolies that exist independent of government support are likely to be due to smallness of markets.

    Example: YKK, the world's largest producer of zippers

    ReplyDelete
  64. Oligopoly

    Fact: Oligopolies tend to compete on terms other than price such as loyalty schemes, advertisement, and product differentiation.
    Example: An example would wireless phone providers, a few like Verizon, T- mobile, At&t, and Sprint.

    Aleena Mathew
    Period 6

    ReplyDelete
  65. Monopoly

    Fact:Sources of monopoly power include economies of scale, technological superiority, no substitute goods, control of natural resources.
    Example:Andrew Carnegie's Steel Company and John Rockefeller's Standard Oil

    Jonathan Ungar
    4th Period

    ReplyDelete
  66. A monopoly is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service. An example of a monopoly would be the eyewear brand Luxottica. Luxottica is responsible for more than 80% of the production of eyewear on the market

    ReplyDelete
  67. Oligopoly

    Fact: Oligopolies are often a result of government policies that favor some players over others by restricting or eliminating competition, which often leads to higher prices and lower quality.
    That’s what will happen to health insurers, hospitals and even physicians, thanks to ObamaCare.

    Example: Companies such as Humana, Cigna, Aetna, and WellPoint are more favored by customers to fully cover their healthcare needs/benefits.

    Lameese Taha
    6th Period

    ReplyDelete
  68. Monopoly
    Fact:In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.
    Example: One telephone provider for the entire United States with no competition

    Srikar Valluripalli
    6th period

    ReplyDelete
  69. Monopoly
    Fact:
    A natural monopoly is a monopoly that exists because the cost of producing the product (i.e., a good or a service) is lower due to economies of scale if there is just a single producer than if there are several competing producers.

    Example: Public utilities are an example of a natural monopoly

    Sean Moss
    2nd Period

    ReplyDelete
  70. Oligopoly: Interdependence of firms, firms will be affected by how other firms set price and output (ex. fast industry with businesses like Whataburger, chickfila, and McDonalds)

    ReplyDelete
  71. Perfect Competition:
    Fact-All firms are price takers, therefore the firm’s demand curve is perfectly elastic
    Example-Crab fishing industry

    ReplyDelete
  72. Monopolistic competition:
    Fact: when firms in a monopolistic competition are incurring losses, firms in the market will have an incentive to exit

    Example: Record labels now sell the similar sounding music. When one particular sound stops selling, they all move to a different sound.

    ReplyDelete
  73. Monopolistic competition:
    Fact: when firms in a monopolistic competition are incurring losses, firms in the market will have an incentive to exit

    Example: Record labels now sell the similar sounding music. When one particular sound stops selling, they all move to a different sound.

    ReplyDelete
  74. Monopoly
    Fact: In cases in which a small number of monopolists supply goods that are either perfect or imperfect complements, there must be no significant relationship of substitution or complementarity with the products of any other firm or group of firms, essentially the same type of interdependence as in oligopoly

    Example: Google is already the largest search engine in the world with nearly 1/4 of the global population using it as their primary search engine. They are also planning to buy Yahoo which holds another 300 million users. this would allow Google to dominate half of the world population and essentially have full control of the internet. The blog I'm using right now to right this post is controlled by Google and I had to use my Google account to make posts so I could get a grade in this class. Google owns the world

    ReplyDelete
  75. Monopoly
    Fact: The government may reserve a venture for itself, forming a government monopoly. Some countries' electricity companies are monopolies run by the government.

    Example: Some drugs are patented, and a company may increase a drug's price by tenfold or even more, as seen recently in the Turing Pharmaceuticals controversy.

    ReplyDelete
  76. oligopoly
    competition between sellers in an oligopoly can be fierce, with relatively low prices and high production. This could lead to an efficient outcome approaching perfect competition. The competition in an oligopoly can be greater when there are more firms in an industry than if, for example, the firms were only regionally based and did not compete directly with each other.

    exmple:Companies in technology, pharmaceuticals and health insurance have become successful in establishing oligopolies in the U.S.

    ReplyDelete
  77. Oligopoly
    Fact: The prevalence of oligopoly, and the present inadequate state of oligopoly theory, leaves a serious void in our understanding of how market forces govern a significant portion of the economic activity in those countries which rely on them. The void persists in spite of the heroic efforts made since the 1840s to close it.

    Example: Airlines, 2 componies have more than 50% of there market.

    ReplyDelete
  78. Period 2nd

    Perfect Competition

    Fact: Perfect competition means there are few, if any, barriers to entry for new companies, and prices are determined by supply and demand.

    Example: Coffee shops can price their own coffee and can start up whenever they get the opportunity. Ex. Starbucks, Tim Hortons, Dunkin Donuts

    ReplyDelete
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    ReplyDelete