Market Structures On a post-it, write... Standard: SSMI4c

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Presentation transcript:

Market Structures On a post-it, write... Standard: SSMI4c Turn notebook sideways and label page 31... Market Structures On a post-it, write... Standard: SSMI4c GOALS: Be able to identify basic characteristics of the 4 market structures.

A few vocab before we get started. What is a market structure? Market structure= the nature & degree of competition among firms doing business in the SAME industry

Market Structures Follow my instructions for the notes page covering market structures.

Write Perfect Competition on outside flap Define: structure w/many well informed & independent buyers & sellers who exchange identical products # of Firms: many firms w/ NO influence over the price Product Differentiation: identical product

Product Differentiation... How different is the product from one firm to another in the same industry? Are the products IDENTICAL, SIMILAR or is there NO differentiation?

Perfect Competition Advertising: No advertising or brands b/c product is identical or the same. Market Entry: Buyers & sellers can easily enter or leave the market. Examples: “truck farming”--tomatoes, corn, cucumbers

Write Monopolisitc Competition on outside flap Define: structure that meets ALL conditions of perfect competition except identical products # of Firms: many Product Differentiation: SIMILAR products

Monopolistic Competition Advertising: Non-price competition advertising, giveaways, promotions… VERY IMPORTANT Market Entry: Easy Examples: designer clothing, cosmetics, shoes, jeans

Write Oligopoly on outside flap Define: structure in which a FEW large sellers dominate the industry # of Firms: few Product Differentiation: product may have distinct features; fair amount of differentiation between products

Oligopoly Advertising: most tend to mimic each other in market & pricing; compete by enhancing their product (new/different) collusion=price fixing Market Entry: can be very difficult to enter Examples: cell phones, music companies, healthcare providers

Write Monopoly on outside flap Define: structure with a SINGLE seller of a particular product # of Firms: 1 Product Differentiation: NONE--its the only product out in the market

Monopoly Advertising: no advertising--because NO competition Market Entry: nearly IMPOSSIBLE Examples: water

Market Structures Perfect Competition --------- Monopolisitc ------ Oligopoly ------ Monopoly Competition Most Competitive ------------------------------------------------------------Least Competitive