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.
Jason Bailey, Period 6
ReplyDeleteMarket Structure: Oligopoly
Fact: Oligopolies have high barriers to entry.
Modern-day Business: Oil - OPEC (Organization of the Petroleum Exporting Countries); since cartels are a subset of oligopolies, OPEC is a perfect example.
Prasun Dhawan | Period 2
ReplyDeletePerfect Competition Fact:
No perfect market actually exists in the real world because it requires large number of buyers and sellers with perfect information, perfect substitutes, and homogenous products (among many other things).
Example:
Although no perfect market exists, the street food business in developing countries comes very close as there are large number of buyers and sellers, fairly homogenous goods, new perfect information, no entry or exit exclusivity, and plenty of substitutes.
Sarah Rassam
ReplyDelete6th Period
Market Structure: Monopolistic Competition
Monopolistic Competition Fact:
A monopolistic competition is characterized by an industry in which many firms offer products or services that are similar, but not exact substitutes. It is where each firm makes independent decisions about price and output. It serves as a selling strategy in which one firm tries to distinguish its products or services from all competing products on the basis of different attributes.
Monopolistic Competition Example:
Hotels; pharmaceutical companies such as Tylenol, Advil, Nyquil- all relieve pain but consist of different chemicals.
Amanda Nieto
ReplyDelete4th period
Oligopoly Fact: It is market situation in which each of a few producers affects but does not control the market. A market form in which a market or industry is dominated by a small number of sellers
Oligopoly Example: Characteristic oligopolies in the U.S. are the steel, aluminum, and automobile industries.
Period 2
ReplyDeleteMonopolistic Competition: Unlike Oligopolies, this market structure has more leeway when it comes to entering and exiting a market, because there are no barriers in doing so.
Monopolistic Competition Example: As weird as it may sound, hairdressers often represent this type of market structure. Each location provides a slightly differentiated product with a variety of skill sets. Since this is an industry where there are no major chains, it keeps hairdressing away from being an oligopoly.
Arij Moiz
ReplyDeletePeriod 2nd
Monopoly market structure: a government can create a monopoly over an industry that it wants to control.
Monopoly Example: Microsoft and Con Edis are examples of monopoly market structure. Con Edis is only provider of electricity. Water and gas in the US. Therefore they have only one firm.
Another example could be De Beers: a firm that started out by renting water pumps to miners during a diamond rush, De Beers succeeded beyond the wildest dreams of its founder, Cecil Rhodes. In 1888, De Beers Consolidated Mines was formed with the sole purpose to be the owner of all diamond mining operations in South Africa. Using his colonial influences, Rhodes negotiated a strategic agreement with the London-based Diamond Syndicate in 1889, which fixed diamond prices.
DeletePeriod 2
ReplyDeleteMarket Structure: Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers. Oligopoly has its own market structure
Example: Smartphone Systems - Android and Apple iOS
Nathan Schaper
ReplyDeletePeriod 2
Market Structure: Monopoly
Market Structure Fact: The word monopoly literally means "one seller". Thus, the market structure is one where one person or company sells a good and had very few or no competitors or substitutes in the market.
Example: Luxottica is a modern day example of a monopoly. With over 7000 retail location worldwide and a direct involvement in over 80% of glasses produced, it is very difficult to pick an alternative. The company is so large in fact, that many have speculated if Luxottica was using its broad range of holdings to keep eyewear prices artificially high.
Meyer Wilson
ReplyDeletePeriod 2
Market Structure: Monopoly
Fact: Monopoly is actually a board game that teaches you valuable lessons about the real world. A Monopoly occurs when one firm is prevailing in its industry - usually 25% or more percent.
Modern Day Business: Tyson is a clear example of a monopoly within the meat industry. Tyson has a 25% market share. Yet a lot of people have issues with Tyron's be the way in which it risks the life's of animals and humans. Chickens are pumped with drugs so that they grow fast and plump leading to infractions in humans. Although it is a monopoly it has not earned this tittle very easily.
Kody Ngo
ReplyDeletePeriod 6
Market Structure: Monopoly
Market Structure Fact: A monopoly is an enterprise that is the only seller of a good or service. 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.
Monopoly Example: Standard Oil was the product of John D. Rockefeller. In 1882, Standard Oil’s properties were incorporated into the Standard Oil Trust. Under this banner, Rockefeller formed a conglomeration that handled all oil production, transportation, refinement and marketing. By 1890, Standard Oil controlled 88% of the refined oil flows in the United States. At the turn of the century, the company controlled 91% of oil production and 85% of its final sales.
Kylee Brouwer
ReplyDelete2nd period
Market Structure: Monopoly
Fact: This type of market structure gives a company the ability to set prices with the only limitation being the consumers’ willingness to pay.
Example: United States Postal Service (USPS) is the only company for first class and standard mail delivery because it is protected by the government in the Private Express Statutes of 1792.
Market Structure: Monopoly
ReplyDeleteMarket Fact: the exclusive possession or control of the supply or trade in a commodity or service in any given situation concerning business.
Example: The De Beers Group of Companies has a leading role in the diamond exploration, diamond mining, diamond retail, diamond trading and industrial diamond manufacturing sectors. The company is currently active in open-pit, large-scale alluvial, coastal and deep sea mining. The company operates in 28 countries and mining takes place in Botswana, Namibia, South Africa and Canada. Until the start of the 21st century, De Beers effectively had total control over the diamond market as a monopoly of diamonds.
another example: Intel is known for its microprocessors, but it has a long history of dominating numerous markets in the computer industry. The story goes that for years Intel allowed its smaller competitor, AMD, to just barely stay in business so Intel could avoid scrutiny. Forbes reported that whenever AMD’s market share neared 20% or so, Intel would turn up the heat with strategic pricing changes to drive down AMD’s share. Intel appears to have given up the ruse entirely in 2014, as its market share for servers was roughly 98% in Q3. Intel is in talks to buy Altera Corporation, which if successful, will be Intel’s biggest-ever acquisition.
DeleteCarina Hung, Period 6
ReplyDeleteOligopoly
Fact: Today, oligopolies are common and spreading rapidly. In an oligopoly, a few companies that strongly influence an industry benefit each other.
Example: The main cellphone service providers are Verizon, AT&T, Sprint, and T-Mobile. Customers must pay for plans that do not benefit them but do benefit the service providers because the bigger companies in the industry all have similar plans.
Erica Wong, Period 2
ReplyDeleteMonopoly
Fact: It's rough on the consumers and the only ones to profit out of it are the producers.
EX: Diamond industry. There is a diamond monopoly right now in the extreme- there are warehouses full of diamonds that just sit there so that the De Beers Company can just release diamonds into the market as they see fit to control the price of diamonds for personal profit.
Jacob Gassmann
ReplyDeletePeriod 2
Market structure: Perfect Competition
Fact: The structure is set up so that no small firm can alter the market price or the quantity demanded.
Example: Pike's Place market because of the large number of suppliers in the one given market that if one supplier were absent or unable to sell anything on a given day, it would not affect the market price.
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ReplyDeleteTracy Colbert 2nd Period
ReplyDeletePerfect Competition Fact:
Advertisement is not needed in a perfect competition because all goods are the same, and customers have all the knowledge pertaining to those goods.
Example:
The internet has made many markets closer to perfect competition because the internet has made it very easy to compare prices, quickly and efficiently (perfect information). Also, the internet has made barriers to entry lower. For example, selling a popular good on internet through a service like e-bay is close to perfect competition.
Period 2
ReplyDeleteMonopolistic Competition: A fact about them is that they have multiple firms and can raise prices without losing all its customers.
An example of this is McDonalds. They pop up everywhere, and customers always seem to flock there like crazy.
Christopher Yee
ReplyDeletePeriod 6
Market Structure: Perfect Competition
Fact: All firms are price takers, therefore the firm's demand curve is perfectly elastic. Firms have to remain efficient otherwise they will go out of business.
Example: Although there are not any 100% perfect markets, agricultural markets are examples of nearly perfect competition. Local markets that sell the same fruits, vegetables, and herbs.
Period 6
ReplyDeleteMonopolistic Competition: A fact about them is that they have multiple firms and can raise prices without losing all its customers.
An example of this is Burger King. They pop up everywhere, and customers always seem to flock there like crazy.
Period 2
ReplyDeleteMarket Structure: Oligopoly
Fact: In an Oligopoly prices are often constant. This happens because if one business lowers their price than other companies will have to lower their costs too, and thus causing the prices to remain constant at the highest price possible.
Example: An example would be if Exon was to lower the price of gas sold at their gas stations. This would cause more customers to come and buy their gas and Exon's competitors to be selling less gas so in order for their competitors to compete and not lose money they also would have to lower their cost of gas in order to keep their customers.
Joel Sibi
ReplyDeletePeriod 6
Market Structure:Monopoly
Fact: concern for potential competition is also a limiting factor on the degree of monopoly power that existing firms can afford to exert. Firms may also be deterred from the fullest possible exploitation of their monopoly power by the fear of government action and by other considerations, such as public, consumer, and employee relations.
Example: The huge corps whom all own the food organizations like the Mars Corp. and others never go to a monopolistic stand point as it would cause an immediate control of market price on candy which is widely bought and fluctuations would become a lot more sensitive on the consumers.
Asia McDonald- Period 6
ReplyDeleteMarket Structure: Perfect competition which is a market in which the buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of commodity is beyond the control of individual buyers and sellers.
Example: Internet Industries like ebay. The internet allows users to sell goods as well as compare prices very easily and efficiently.
Janelle Rodriguez
ReplyDelete2nd period
Market Structure: Perfect Competition
Fact: Perfect competition is the opposite of monopoly and there are large numbers of buyers and sellers also the products are perfect substitutes for each other.
Example: Since farmers are selling identical products to the market and theres an abundant amount of buyers, it is easy to compare prices and find substitutes, making agricultural markets almost a perfect competition.
Jane Hua
ReplyDeletePeriod 6
Monopolistic Competition: Monopolistic competition was first classified as a market structure in the 1930s by American economist Edward Chamberlin and English economist Joan Robinson.
Example: Many small businesses like independently owned restaurants can be considered monopolistically competitive as each one offers something unique, but all are competing for the same target market.
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ReplyDeleteMay Liew
ReplyDeletePeriod 2
Market Structure: Oligopoly
Fact: Companies in oligopolies establish exclusive dealerships to obtain lower prices from suppliers. With lower prices, oligopolies can achieve their intention of keeping new companies out.
Example: There are only four breakfast cereal manufacturers - Kellogg, General Mills, Post and Quaker. Therefore, this would be considered as a oligopoly because there is only a small amount of businesses that are in competition with one another. This makes it easy for them to have a huge influence over the price of breakfast cereals.
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ReplyDeleteJoel George
ReplyDeletePeriod: 2nd
Market Structure: Oligopoly
Fact: Found all throughout the world and market, they are considered to be the big competitors in the specific market and they usually work hand in hand to benefit each other
Example: The big pharmaceutical companies are excellent examples of oligopolies. They are very close to becoming monopolies due to owning such large shares in many medical businesses, but US rules and regulations keep them stagnant oligopolies. Examples of these sort of corporations are like Johnson and Johnson and AstraZeneca who both tried to merge and buy out other pharmacy dispensaries like CVS Pharmacy and Walgreens.
Saniza Sunesara
ReplyDeleteperiod- 6
market structure - monopoly
fact- Entry into such a market is restricted due to high costs or other impediments, which may be economic, social or political. For instance, a government can create a monopoly over an industry that it wants to control, such as electricity.
For example, in Saudi Arabia the government has sole control over the oil industry. A monopoly may also form when a company has a copyright or patent that prevents others from entering the market. Pfizer, for instance, had a patent on Viagra.
Period:6
ReplyDeleteMarket Structure- Monopoly
Market Fact- A company that takes over a whole industry. It usually occurs in a place where corruption is present.
Example- Andrew Carnegie in the late 19th century took over the American steel production and made one huge company. It singled out all the competition after he sold it to J.P Morgan. The U.S steel company owned most of the steel in America, which shows why it is a monopoly.
Period:6
ReplyDeleteMarket structure:- perfect competition
Fact: a A main requirement of perfect competition is that the largest firm in an industry make a minor fraction of the industry’s sales and therefore that there be many firms in the industry.
Example: local farmers' market: there are lots of farmers selling the same fruits and vegetables and herb. The prices are usually all about the same.
4th Period
ReplyDeleteAn oligopoly market structure is very similar to a monopoly in that it is when a small number of firms, rather than just one, control a majority of the market. An example of a modern day business that operates like this would be the wireless service industry in Canada. Three companies control 90% of the market and therefore almost all the control.
Zoe Leibowitz
ReplyDeletePeriod 2
Market Structure: Monopoly
Fact: Monopolies first came into the United States with colonial administration, and it is seen as the extreme case in capitalism.
Example: Anthem, which is the largest health insurer, is seen as a monopolistic company, dominating other health insurance companies.
Tolu Ojo
ReplyDeletePeriod 6
Market Structure: Oligopoly
Oligopoly Fact: An oligopoly is a circumstance in a market in which few producers and sellers share the market. The term "oligopoly" first appeared in the Latin version of Thomas Moore's "Utopia" in 1518. In oligopoly, the rival are few, but each of them has a significant impact on the others.
Oligopoly Example: The modern media is an example of an oligopoly. Today, almost all of the media is controlled by 6 main corporations: Walt Disney, Time Warner, CBS Corporation, Viacom, NBC Universal and Rupert Murdoch’s News Corporation.
Truth Thomas
ReplyDeletePeriod 4
Market Structure: Monopoly
Fact: A great disadvantage of a monopoly is that it often does not seek to improve its products more than it has to, since there is no incentive to do so.
Example: YKK, the world’s leading manufacturer of zippers is seen as a monopolistic company.
Mervin Cherian
ReplyDeletePeriod:2
Market Stucture: Oligopoly
Fact: Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers.
Example: Operating Systems, Apple IOS
Taylor Mott
ReplyDeletePeriod 6
Market Structure: Perfect Competition
Fact: in this hypothetical market competition is at its highest possible level and each producer creates identical units of output
Modern Day business: since the products in the agricultural market are as close to identical as outputs can get, the agricultural market is a prime example of a modern day perfect competition market structure
Period 4
ReplyDeleteMonopolstic Competition fact: Each firm within a monopolistic market is in a position to exercise some degree of monopoly through product differentiation. Product differentiation refers to differentiating the products on the basis of brand, size, colour, shape, etc. The product of a firm is close, but not perfect substitute of other firm.
Monopolistic Competition example: The toothpaste market is a good example of monopolistic competition market structure due to the uniqueness of each toothpaste and the power to charge different price.
Monopolistic Competition: A market in where different companies produce the same product with the same uses but there are differences in the brand name. The products are similar but they can't exactly be used as substitutes. This type of market is an imperfect competition type market where the company is somewhat in a monopoly and can control their prices.
ReplyDeleteExample: Shoe brands such as Nike and Adidas produce shoes that are similar but due to society and fashion trends, they are not exactly substitutes. They also control the majority of the shoe business so technically they control their prices and are monopolistic in nature. This control over their prices and the similarity of their products cause Nike and Adidas to be in a monopolistic competition.
Stanley Johnson
ReplyDelete6th Period
Perfect Competition Fact:
Perfect competition means there are few or no barriers to entry for new companies, and prices are determined by supply and demand.
Example:Agricultural markets are examples of nearly perfect competition.If you shop at a farmers' market there will be 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.
Himadri Gehlot
ReplyDeletePeriod 6
Monopolistic Competition Fact: Each firm is in a position to exercise some degree of the amount of sellers through product differentiation. Product differentiation refers to differentiating the products on the basis of brand, size, color, shape, etc. The product of a firm is close, but not perfect substitute of other firm.
Example: Video Streaming services between major companies like Amazon, Netflix, and Hulu are examples within monopolistic competition. Each stream tv shows and movies, however, Netflix has exclusive rights to Disney, Hulu to its own produced shows, Amazon with its connection to Amazon prime. Each showcase the same service, but have competitive advantages within themselves.
Oluwamuyiwa Peters
ReplyDeletePeriod 2
Monopoly Fact: 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.
Example:The breakup of the Bell System was mandated on January 8, 1982, by an agreed consent decree providing that AT&T Corporation would, as had been initially proposed by AT&T, relinquish control of the Bell Operating Companies that had provided local telephone service in the United States and Canada up until that point.[1] This effectively took the monopoly that was the Bell System and split it into entirely separate companies that would continue to provide telephone service. AT&T would continue to be a provider of long distance service, while the now independent Regional Bell Operating Companies (RBOCs) would provide local service, and would no longer be directly supplied with equipment from AT&T subsidiary Western Electric.
Chandler Jacobs
ReplyDeletePd 2
Monopoly:
There is a single business in the industry. Ultimate control of price.
Ex: The utility company that the local government appoints for everyone's water.
Doris Chien
ReplyDeletePeriod 2
Market Structure: Monopoly
Fact: According to its origin meaning of “one seller,” 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: Trucking and railroad companies became monopolistic after establishment of the Interstate Commerce Commission, which imposed heavy costs on start-up transportation competition.
Gloria Contreras
ReplyDeletePeriod 2
Oligopoly fact: The Term “oligopoly” derives from two Greek words: "oligi" meaning few and "polien" meaning sellers.
Example: In Australia, most media outlets are owned either by News Corporation, Time Warner, or by Fairfax Media.
Edwin Cabrera
ReplyDelete6th Period
Market Structure: Monopolistic Competition
Fact: is where firms have many competitors but the firms all make a product that is only slightly different.
Example: Papa Johns and Dominos pizza. Both companies sell pizza and yet people often have preferences towards one or the other because their pizza tastes slightly different. However, in the end both sell pizza.
Hunter Bergfeld
ReplyDeletePeriod 2
Oligopoly Fact- there are a limited amount of sellers
Example- The music industry is dominated mostly by a few companies: Universal Music Group, Sony, BMG, Warner and EMI Group.
Monopolistic Competition- is only a theoretical market in which there is only one supplier
ReplyDeleteExample- AT&T used to be the only supplier of telephone services until forced to separate in 1982
Period 4
ReplyDeleteBryan Pulliam
Monopoly fact: is a specific person or enterprise is the only supplier of a particular commodity
Example: Luxottica is directly involved in the production of over 80% of the world’s major eyewear brands.
Neethu Thampy
ReplyDeletePeriod: 6
Market Structure: Monopolistic Competition
Fact: Products are differentiated using brand names and are made known to consumers through selling costs. These costs include sales promotion and advertisement to persuade buyers into buying the particular product.
Example: Bar soap brands like pears, caress and dove have varying prices even though it is the same type of product.
Taylor Hunter
ReplyDeletePeriod:4
Market Structure: Monopoly
Fact: Markets exist partially because of particular rules we have set in place. " “Collusion” between competitors is illegal; for example, agreements to charge the same price (price-fixing) for their goods is against the law"
Because of this companies will succeed because of one or two factors(price or quality)
Example: Apple has become a monopoly because of its ownership of several smaller tech companies to build its value and increase its impact on the market.
Heather Bennett: Period 6
ReplyDeletePerfect Competition
Fact: producers in a perfectly competitive market are subject to the prices determined by the market and do not have any leverage.
Example: The automobile industry is a perfectly competitive because there are a large number of buyers and sellers
stephanie urbina
ReplyDeleteperiod 6
oligoply
fact:only selected few companies can make a impact or influence over a industry.
example:The music entertainment industry is dominated by Universal Music Group, Sony, BMG, Warner and EMI Group.
Another example can be phone companies since they are so many but the top ones are tmobile, sprint , at&t, verizon
Drew Garza
ReplyDeletePeriod 2
Oligopoly
Fact: Oligopolies are most similar to monopolies except for that two or more firms dominate the market rather than just one in a monopoly.
Example: Sports brands are an example of an oligopoly because name brands like Nike, Under Armor, and Adidas run the market opposed to smaller, unknown brands.
Asare Dua
ReplyDeletePeriod 4
Monopolistic Competition
fact:Under monopolistic competition, firms are free to enter into or exit from the industry at any time they wish. It ensures that there are neither abnormal profits nor any abnormal losses to a firm in the long run. However, it must be noted that entry under monopolistic competition is not as easy and free as under perfect competition.
Example:When you walk into a departmental store to buy toothpaste, you will find a number of brands, like Pepsodent, Colgate, Neem, Babool, etc. On one hand, the market for toothpaste seems to be full of competition, with thousands of competing brands and freedom of entry.On the other hand, its market seems to be monopolistic, due to uniqueness of each toothpaste and power to charge different price.
Aubriana McDermott
ReplyDeletePeriod 6
Monopolistic Competition
Fact: In monopolistic competitions there are many sellers, but there's isn't one that works together. They all run individually with a limited number of shares within the market and a limited handle of the prices.
Example: A simple monopolistic competition is Netflix and Hulu. Though we view them as streaming hubs they both offer different shows, prices, and programming. They are still very similar within market terms because they are apps for television entertainment.
Michael Rosario
ReplyDeletePeriod 4
Monopoly
Fact: A monopoly is an enterprise that is the only seller of a good or service. 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. They effectively rule the market preventing any corporations from making very much profit.
Example:
We don’t even remember what the Internet looked like before Google came onto the scene. Thanks to their secret algorithm, they control 67% of the web search market. Since its beginning, the company has grown and branched off into email, online maps, GPS tracking systems, online data storage and mobile phones.
There are competitors like Microsoft and Yahoo, but they own just 18% and 11% of the market, respectively. Google makes most of its money from advertising and has always prided itself on not manipulating search results. But recently they’ve been accused of doing just that, promoting their own products and “burying the competition’s.”
PERIOD 2
ReplyDeleteperfect competition - in a perfect competition consumers and sellers ae freely to leave and come back as well as well as goods are of a homogenous nature . which makes them substitutable from each other.
examples- fast food industries. McDonalds and Wendies
monopoly- one major monopoly is one weve all heard about, the MLB. they have been exempted from several anti trusts throughout history and to this day hold a monopoly on professional baseball where as other sports leagues like the NBA have the ncaa and NFL has AFC and NFC to compete with
ReplyDeletepriyanka ranchod
ReplyDeletePeriod 6
Oligopoly- An industry dominated by a few firms. These firms will be affected by how other firms set price and output
Example: major airlines like British Airways (BA) and Air France operate their routes with only a few close competitors, but there are also many small airlines catering for the holidaymaker or offering specialist services. Other airlines include AirIndia and spice jet.
Rushil Mistry
ReplyDeletePeriod: 6th
Oligopoly
Fact: A cut in price by one may lead to an equal reduction by the others, with the result that each firm will retain approximately the same share of the market as before but at a lower profit margin.
Example: Version Coming out with there new unlimted plan therefore affecting other companies causing them to reduce their prices as well.
Sarah Johnson
ReplyDelete2nd Period
Market Structure: Monopolistic Competition
Fact:
A monopolistic competition is characterized by an industry in which many firms offer products or services that are similar. It is where each firm makes decisions about price and output. It serves as a selling strategy in which one firm tries to differentiate its products or services from all competing products on the basis of different attributes of each individual product.
Example: The Candy market is a good example of that monopolistic competition market structure due to the individualities of each candy and the power to charge different prices.
Alexus Guevarra
ReplyDelete2nd Period
Market Structure: Monopoly
Fact: An Economist only found two examples that would have been considered a monopoly "without special government privilege: the New York Stock Exchange from the 1870s until 1934, and the De Beers diamond mining company. Even those, he said, were questionable examples."
Example: "No U.S. markets are more monopolistic than utilities. Providers of water, natural gas, telecommunications and electricity are usually granted exclusive rights to service municipalities through local governments. Trucking and railroad companies became monopolistic after establishment of the Interstate Commerce Commission."
http://www.investopedia.com/ask/answers/041415/what-are-common-examples-monopolistic-markets.asp
Period 2nd
ReplyDeletePerfect 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
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