Competitive?. Market Structures Objectives Recognize key components of a market structure. Identify the four market structures and explain characteristics.

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Presentation transcript:

Competitive?

Market Structures

Objectives Recognize key components of a market structure. Identify the four market structures and explain characteristics of each.

Market Structures 1.Number of buyers and sellers 2.Size distribution of buyers and sellers 3.Degree of product differentiation 4.Ease of entry of new firms

Pure Competition = many buyers and sellers

Pure Competition 1.Individuals can’t influence price 2.Homogenous product 3.Perfect knowledge

Other Examples?

Monopoly Number of firms = 1

Monopoly 1. One firm controls market 2. No close substitutes for product 3. Restrictions to new firms

Other Examples?

Oligopoly A few, large sellers

Oligopoly 1.Demand - Price decreases are matched - Price increases are not 2. Price stability 3. Significant Barriers to entry.

Other Examples?

Monopolistic Competition Many firms

4.Monopolistic Competition 1.Differentiated products 2.Competitive Market 3.Higher prices, more choices than Monopoly 4.Advertising/Promotion important

Examples?

Who’s more competitive? -Rank Is there adv. or dis.?

Directions In groups Create own cartoon, representing assigned structure Agricultural or non-agricultural Draw and present to class