1. Market Structures Ohh to be a seller in the market of my choice!

2. Market Structures Perfect competition Monopolistic Competition OligolopiesMonopolies Many buyers and sellers Many firmsA few large sellersSingle seller or one dominate seller Identical ProductsSlightly Differentiated products Single product Buyers and sellers well informed Competition exists in non-price area Competition exists over service offered No competition Easy entry and exitFew barriers to entry and exit Difficult to enter, easy to get out Complete control, impossible to enter No control over price Slight control over price Some control over price Complete control over price

3. So if you had your choice who would you be Rank the order that you would want be in a market – Perfect Competition – Monopolistic Competition – Monopolist – Oligopoly

4. So if you had your choice who would you be Explain why you would choose the market you ranked first – Perfect Competition – Monopolistic Competition – Monopolist – Oligopoly

5. The Dangers of Just a Few or Even one Company having total control Collusion: an agree reached among competitors to control output and price – Price fixing Cartel: a group of producers control output and prices

6. If the producers get the upper hand, what do we do Government regulation – Antitrust laws – Regulation of business practices – Breaking up monopolies – Blocking mergers

8. Sometimes governments deregulate Deregulation – The phone company – The airline industry – The energy market