Examples
Agricultural Products
What is Perfect Competition?
They have a simple choice—either buy the monopolist’s product or do without it.
What are consumers?
Dictated largely by the market, rather than the individual firm.
What is price?
Examples are produce items, petroleum, and copy paper.
What are commodities?
Significant use of ______ and ________.
What is branding and advertisement?
PLDT, Globe, and BayanTel
What is Oligopoly?
These are the conditions that allow monopolies to exist.
What are barriers to entry?
Relationship of the number of firms and market power.
What is inverse?
You don't need this to promote your product branding.
What is advertisement?
Nike could raise the price of Airmax by $52 and not everyone will flock to Converse.
What is customer loyalty?
Meralco and APEC
What is Monopoly?
The firm offering the products can charge any price without considering customers or rivals. Thus, such a monopolist firm is a...
What is "price makers"?
Monopolistically competitive firms won't have much of this because of fierce competition from other sellers and entry of new sellers if there is much of this.
What is profit?
This is the ability of businesses to begin or end production and sales according to profitability.
What is ease of entry and exit?
Large use of these two variables.
What is innovation and invention?
Haircutters De Legazpi and Evegate
What is Monopolistic Competition?
They are one and the same.
What is the firm and the industry?
This is making a product similar, but not identical to other products in the market.
What is differentiation?
Supply can increase easily and vastly.
What is factor mobility?
This is an agreement among firms to divide the market, set prices, or limit production.
What is collusion?
Railways
What is Monopoly?
This is a market that runs most efficiently when one large firm supplies all of the output.
What is natural monopoly?
This diminishes over time as new companies enter the market with differentiated products affecting demand, leading to less profit.
What is marginal revenue (MR)?
Because sellers have no influence over the price in this market structure they are called this.
This condition is met when these few firms are so large relative to the total market that they can affect the market price.
What is few sellers?