Competition. Market structure = Amt of competition facedCompetition.

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Presentation transcript:

Competition

Market structure = Amt of competition facedCompetition

Perfect competition -Many buyers and sellers -Products nearly identical -Easy entry/exit -Information readily available -Limited price control by buyer/seller

leastmost MonopolyOligopolyMonopolistic competition Perfect/pure No. of sellers Products Entry into market Control of pricesCompetition

leastmost MonopolyOligopolyMonopolistic competition Perfect/pure one no substitute entry prevented complete control of priceCompetition few similar difficult (capital) non-price competition interdependence numerous differentiated relatively easy brand loyalty some control over price large market identical easy entry and exit no control over price

Oligopoly

leastmost MonopolyOligopolyMonopolistic competition Perfect/pureCompetition ?

Mergers

Government and Competition Sherman Antitrust (1890) - Illegal to monopolize Interstate commerce Clayton Act (1914) - Outlaws price discrimination (Collusion) Federal Trade Commission (1914) - Regulating Agency

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