Business Organizations and Competition

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Presentation transcript:

Business Organizations and Competition Microeconomics Business Organizations and Competition

I. Goals Explain the benefits of competition in the market. List and describe the four types of monopolies. Provide real world examples of each type of monopoly. Discuss the issue of restricting competition through organizations like cartels.

II. Market Structures Benefits Creates efficiency Innovation Better quality products Greater incentives

III. Monopolies Natural Technological Geographic Government Cost of production is lower and runs more efficient with one producer Ex: Power Company Technological Exclusive rights to manufacture a product through patents Ex: Nextel Geographic Caused by location, size, or available resources in an area Ex: Highway gas stations Government The government provides a good or service more efficiently, or a market failure occurs Ex: US Postal Service Seinfeld: http://yadayadayadaecon.com/clip/67/

III. Monopolies Cartels: firms who work together to set price and output levels. Restricts competition and is illegal.

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