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8a – Characteristics of the Four Product Market Models

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Presentation on theme: "8a – Characteristics of the Four Product Market Models"— Presentation transcript:

1 8a – Characteristics of the Four Product Market Models
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2 8a – Four Market Models Market Models Characteristics Pure Competition
Monopolistic Competition Oligopoly Monopoly Characteristics Number of firms Type of Product Control Over Price Conditions of Entry Non-price Competition Examples

3 8a – Four Market Models

4 Number of Firms - 1. Single large producer:
Pure Competition Monopolistic Competition Oligopoly Monopoly

5 Number of Firms - 1. Single large producer:
Pure Competition Monopolistic Competition Oligopoly Monopoly

6 Number of Firms - 2. Very many small firms:
Pure Competition Monopolistic Competition Oligopoly Monopoly

7 Number of Firms - 2. Very many small firms:
Pure Competition Monopolistic Competition Oligopoly Monopoly

8 Number of Firms - 3. A few firms:
Pure Competition Monopolistic Competition Oligopoly Monopoly

9 Number of Firms - 3. A few firms:
Pure Competition Monopolistic Competition Oligopoly Monopoly

10 Number of Firms & Type of Product - 4
Number of Firms & Type of Product - 4. Many firms producing a differentiated product: Pure Competition Monopolistic Competition Oligopoly Monopoly

11 Number of Firms & Type of Product - 4
Number of Firms & Type of Product - 4. Many firms producing a differentiated product: Pure Competition Monopolistic Competition Oligopoly Monopoly

12 Type of Product - 5. Standardized product:
Pure Competition Monopolistic Competition Oligopoly Monopoly

13 Type of Product - 5. Standardized product:
Pure Competition Monopolistic Competition Oligopoly Monopoly

14 Type of Product - 6. Standardized or differentiated products:
Pure Competition Monopolistic Competition Oligopoly Monopoly

15 Type of Product - 6. Standardized or differentiated products:
Pure Competition Monopolistic Competition Oligopoly Monopoly

16 Type of Product - 7. Unique Product – No close substitutes:
Pure Competition Monopolistic Competition Oligopoly Monopoly

17 Type of Product - 7. Unique Product – No close substitutes:
Pure Competition Monopolistic Competition Oligopoly Monopoly

18 Control Over Price - 8. No market power (no control over price):
Pure Competition Monopolistic Competition Oligopoly Monopoly

19 Control Over Price - 8. No market power (no control over price):
Pure Competition Monopolistic Competition Oligopoly Monopoly

20 Control Over Price - 9. The most market power (control over price):
Pure Competition Monopolistic Competition Oligopoly Monopoly

21 Control Over Price - 9. The most market power (control over price):
Pure Competition Monopolistic Competition Oligopoly Monopoly

22 Control Over Price - 10. Little market power, depends on product differentiation:
Pure Competition Monopolistic Competition Oligopoly Monopoly

23 Control Over Price - 10. Little market power, depends on product differentiation:
Pure Competition Monopolistic Competition Oligopoly Monopoly

24 Control Over Price - 11. A lot of market power, limited by mutual interdependence:
Pure Competition Monopolistic Competition Oligopoly Monopoly

25 Control Over Price - 11. A lot of market power, limited by mutual interdependence:
Pure Competition Monopolistic Competition Oligopoly Monopoly

26 Conditions of Entry - 12. Blocked entry:
Pure Competition Monopolistic Competition Oligopoly Monopoly

27 Conditions of Entry - 12. Blocked entry:
Pure Competition Monopolistic Competition Oligopoly Monopoly

28 Conditions of Entry - 13. No barriers to entry:
Pure Competition Monopolistic Competition Oligopoly Monopoly

29 Conditions of Entry - 13. No barriers to entry:
Pure Competition Monopolistic Competition Oligopoly Monopoly

30 Conditions of Entry - 14. Relatively easy entry:
Pure Competition Monopolistic Competition Oligopoly Monopoly

31 Conditions of Entry - 14. Relatively easy entry:
Pure Competition Monopolistic Competition Oligopoly Monopoly

32 Conditions of Entry - 15. Significant barriers to entry :
Pure Competition Monopolistic Competition Oligopoly Monopoly

33 Conditions of Entry - 15. Significant barriers to entry :
Pure Competition Monopolistic Competition Oligopoly Monopoly

34 Nonprice Competition - 16. No non-price competition:
Pure Competition Monopolistic Competition Oligopoly Monopoly

35 Nonprice Competition - 16. No non-price competition:
Pure Competition Monopolistic Competition Oligopoly Monopoly

36 Nonprice Competition - 17
Nonprice Competition Nonprice competition is mostly public relations : Pure Competition Monopolistic Competition Oligopoly Monopoly

37 Nonprice Competition - 17
Nonprice Competition Nonprice competition is mostly public relations : Pure Competition Monopolistic Competition Oligopoly Monopoly

38 Nonprice Competition - 18. Very much nonprice competition:
Pure Competition Monopolistic Competition Oligopoly Monopoly

39 Nonprice Competition - 18. Very much nonprice competition:
Pure Competition Monopolistic Competition Oligopoly Monopoly

40 Nonprice Competition - 19
Nonprice Competition Typically a lot, especially with differentiated products: Pure Competition Monopolistic Competition Oligopoly Monopoly

41 Nonprice Competition - 19
Nonprice Competition Typically a lot, especially with differentiated products: Pure Competition Monopolistic Competition Oligopoly Monopoly

42 Nature of the Demand Curve - 20
Nature of the Demand Curve Firms face a perfectly elastic demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

43 Nature of the Demand Curve - 20
Nature of the Demand Curve Firms face a perfectly elastic demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

44 Nature of the Demand Curve - 21
Nature of the Demand Curve The firm’s demand curve is the market demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

45 Nature of the Demand Curve - 21
Nature of the Demand Curve The firm’s demand curve is the market demand curve: Pure Competition Monopolistic Competition Oligopoly Monopoly

46 Nature of the Demand Curve - 22
Nature of the Demand Curve Each firm’s demand curve is very (but not perfectly) elastic: Pure Competition Monopolistic Competition Oligopoly Monopoly

47 Nature of the Demand Curve - 22
Nature of the Demand Curve Each firm’s demand curve is very (but not perfectly) elastic: Pure Competition Monopolistic Competition Oligopoly Monopoly

48 Nature of the Demand Curve - 23. Mutual interdependence likely:
Pure Competition Monopolistic Competition Oligopoly Monopoly

49 Nature of the Demand Curve - 23. Mutual interdependence likely:
Pure Competition Monopolistic Competition Oligopoly Monopoly

50 Nature of the Demand Curve - 24. Kinked Demand Model:
Pure Competition Monopolistic Competition Oligopoly Monopoly

51 Nature of the Demand Curve - 24. Kinked Demand Model:
Pure Competition Monopolistic Competition Oligopoly Monopoly

52 Nature of the Demand Curve - 25. Collusion is possible (why?):
Pure Competition Monopolistic Competition Oligopoly Monopoly

53 Nature of the Demand Curve - 25. Collusion is possible (why?):
Pure Competition Monopolistic Competition Oligopoly Monopoly

54 Examples - 26. Steel and automobile industries:
Pure Competition Monopolistic Competition Oligopoly Monopoly

55 Examples - 26. Steel and automobile industries:
Pure Competition Monopolistic Competition Oligopoly Monopoly

56 Examples - 27. Agriculture:
Pure Competition Monopolistic Competition Oligopoly Monopoly

57 Examples - 27. Agriculture:
Pure Competition Monopolistic Competition Oligopoly Monopoly

58 Examples - 28. Retail trade, dresses, shoes:
Pure Competition Monopolistic Competition Oligopoly Monopoly

59 Examples - 28. Retail trade, dresses, shoes:
Pure Competition Monopolistic Competition Oligopoly Monopoly

60 Examples - 29. Public utilities like electricity and natural gas:
Pure Competition Monopolistic Competition Oligopoly Monopoly

61 Examples - 29. Public utilities like electricity and natural gas:
Pure Competition Monopolistic Competition Oligopoly Monopoly

62 Examples - 30. Cellular (wireless) phone providers:
Pure Competition Monopolistic Competition Oligopoly Monopoly

63 Examples - 30. Cellular (wireless) phone providers:
Pure Competition Monopolistic Competition Oligopoly Monopoly

64 Examples - 31. Hybrid (combination) of pure competition and monopoly:
Monopolistic Competition Oligopoly Monopoly

65 Examples - 31. Hybrid (combination) of pure competition and monopoly:
Monopolistic Competition Oligopoly Monopoly

66 Efficiency - 32. Achieves both allocative and productive efficiency in the long run:
Pure Competition Monopolistic Competition Oligopoly Monopoly

67 Efficiency - 32. Achieves both allocative and productive efficiency in the long run:
Pure Competition Monopolistic Competition Oligopoly Monopoly

68 8a – Four Market Models

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