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Chapter7
Competition,Market
Structures,andtheRoleof
Government
12.2.8theroleofprofitastheincentivetotheentrepreneursinamarketeconomy
MarketStructures
Whatistheprimaryaim/goalofbusinesses?
Tomaximizeprofits
Whatiscompetition?
Strivingagainstotherstoreachan
objective
4TypesofMarketStructure
1. Pure/PerfectCompetition
Largenumberofbuyersandsellers
Identicalproduct
Wellinformedbuyersandsellers
MoreCompetition
LessCompetition
Pure/PerfecctCompetition
Manybuyer/sellers+
QuickTime and a
TIFF (Uncompressed) decompressor
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IdenticalProducts
MonopolisticCompetition
Meetsallconditionofperfectcompetitionexceptfor
identicalproducts.
Productdifferentiation
Monopolisticcompetitorsusenonpricecompetition
Advertising,giveaways,orotherpromotions
MoreCompetition
LessCompetition
MonopolisticCompetition
Gap
Levis
Lucky
Sameaspurecompetitionexceptforproductdifferentiation
MonopolisticCompetition
Aretheseshampoos/conditionersdifferent?
Pantene$14.50
FredericFekkai$54
MonopolisticCompetition
Arethesemascarasdifferent?
Maybelline
Sisley
$4
$43
Oligopoly
Afewverylargesellersdominatetheindustry
Oligopolistsactindependentlybyloweringprices
soonafterthefirstsellerannouncesthecut
Collusion:formallyagreetosetprices
Engageinpricewars
MoreCompetition
LessCompetition
Oligopoly
Ipod
Zune
Oligopoly
Fewproducerscontrolsupplyandprice
CocaColaClassic
Coca-Cola classic
Sprite
Dasani
Barq's
Dannon
Nestea
Rockstar
Evian
Fanta
Fresca
Minute Maid
Mr. Pibb
Powerade
Seagrams Ginger Ale &
Mixers
TAB
Pepsico
Aquafina
Pepsi
Mountain Dew
Sierra Mist
Sobe
Lipton Brisk Tea
Cadbury Schweppes
7 Up
Canada Dry
Clamato
Dr Pepper
Hawaiian
Punch
Mott's
Orangina
Snapple
Toyota
Toyota
Scion
Lexus
Chrysler
Chrysler
Jeep
Dodge
GeneralMotors
Chevrolet
Buick
Pontiac
GMC
Saturn
Hummer
SAAB
Cadillac
Monopoly
Onlyonesellerofaparticularproduct
Fewmonopolies
Monopoly
Onesellerdominatesthemarketwithnoclose
substitutes
MoreCompetition
LessCompetition
Monopoly
NaturalMonopoly
efficientproductionby
asinglesupplier
Monopoly
GeographicMonopoly
smalltown
Monopoly
1. Technological
Monopoly - new
invention
Patent: exclusive
right for 17 years
Segway
Monopoly
1. Technological
Monopoly - new
invention
Copyright: lifetime
+ 50 years
ThistelecastiscopyrightedbytheNFLfortheprivateuseofouraudience.Any
otheruseofthistelecastorofanypictures,descriptions,oraccountsofthegame
withouttheNFLsconsent,isprohibited.
Monopoly
1. Government
Monopoly government owned
businesses