The two extreme market conditions namely, Monopoly and Perfect competition. When these two markets are compared, we can observe that when a market is inclined towards perfect competition, there are few imperfections. When the market is inclined towards monopoly, there is a greater degree of imperfection. The study of market structures is important because of the fact that the above mentioned markets are seen more or less in our daily life. Their study is important as we can predict what a firm does under given conditions and apply in the real world. They offer us a benchmark. For ex: if competitors enter into a monopoly market what might happen. What will be the impact on the price of the product? How much consumer surplus can the consumers expect with the fall in prices? Etc., All these kind of things can be predicted by studying these market conditions. The different market structures are dependent on the model of economy. Perfect Competition: A perfectly competitive market is characterized by a large number of firms. All these firms produce identical goods so there is no reason for consumers to express preference or choice. There is freedom of entry an exit into the industry.
Firms are price takers and they have no control over the price of the products. Each producer supplies a very small quantity of goods into the market. Both the consumers and producers have a perfect knowledge of the market conditions. Monopolistic Competition: Where the conditions of perfect competition do not hold, imperfect competition exists. Monopolistic competitions Is one of them. A large number of firms exist in the market. They may have some or little control over the price due to product differentiation that exists between them. The products are close but not perfect substitutes. Entry and exit from the industry Is relatively easy with few barriers to entry and exit. Both consumers and producers do not have absolute knowledge about the market conditions. Oligopoly: is a market condition where there are only few producers and they dominate the industry or the market. They are price makers and not price takers. In oligopoly, there is a possibility that the firms may collude and they try to price control the price of the products. Monopoly: is characterized by a single seller who is the price-maker and not the price taker. The monopoly also controls the supply of the product into the market. He enjoys full control on the market and factors. No question of consumer surplus. Price of the product is the price of the market. It is the highest degree of imperfection of a market structure. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
• KUWC: What is Plagiarism? • In the “Submit to Basket” menu, select Unit 9: Assignment Dropbox . • In the “Comments” field, make sure to add at least the title of your Assignment. • Click the “Add Attachments” button. • Follow the steps listed to attach your Word document. If you are submitting digital media other than a PowerPoint, you may create a Word document with the title page, references page, a link to the presentation, and the text for your presentation. To view your graded work, come back to the Dropbox or go to the Gradebook after your instructor has evaluated it. The inspiration for change can come from unexpected circumstances, yet the idea can then be catapulted into communities through digital media and social networking opportunities. With your digital media presentation, you have the opportunity to share your idea for change with your community or colleagues. ● Discuss the changes you would make to your digital media presentation, including visual enhancements, if you wanted to disseminate it to a wider audience via social media sites. Do you think your presentation could generate change, and do you foresee pursuing this argument for change in the future? You can review a sample Discussion post by clicking on the following link: Unit 10 Sample Discussion Assignment. You can review a sample PowerPoint presentation by clicking on the following link: Unit 10 Sample PowerPoint. The Discussion post should be written in complete sentences using Standard American English. Before posting, proofread for grammar, spelling, and word-choice issues. Be sure to respond fully to every aspect of the Discussion. When you refer to concepts from the unit Learning Activities, be sure to use a signal phrase like “According to . ].” If you are directly quoting the Learning Activities or another source, be sure to use quotation marks and cite the source using proper APA in-text citations and full references. Kaplan University Writing Center has resources on APA citation formatting.
Justify your response or position by providing a reference to scholarly work(s) and provide reasons/justification supporting your statements. An objective of any university education is the development of one’s cognitive abilities in the form of improving one’s ability to use academic quality/scholarly materials in responding to assignments. Include functional weblink(s) to your references so that classmates and your instructor may easily locate and review your citation. You may use college textbooks as supporting references, however, they are not recommended as they limit the development of online research skills and will not count for grading purposes. First-person voice is allowed for Discussion Board Forum assignments only. Quality as well as quantity counts. Bring clarity to the issues being discussed. Raise new and novel (yet relevant) points. Relate issues to scriptural/biblical principles and experience. Rationally defends your position. Use scholarly/academic quality references in support of your position. Replies to at least 2 classmates’ threads are required. Replies to threads must be at least 150 words. Supporting references are encouraged, but not required for use in classmate responses.
Please note that replies such as, “I like what you said,” “That’s a good comment,” and “I disagree with your comment,” in and of themselves do not count as a complete reply. Rather, stating reasons that support the opinion, adding additional ideas/thoughts, or providing alternative ideas/thoughts count as a reply. Courtesy in any disagreement is expected, thus, personal attacks or calling an idea “stupid” are not acceptable and will count against your grade. Responding to a classmate’s post requires both the addition of new ideas and analysis. A particular point made by the classmate must be addressed and built upon by your analysis in order to move the conversation forward. Thus, the response post is a rigorous assignment that requires you to build upon initial posts to develop a deeper and more thorough discussion of the ideas introduced in the initial posts. As such, reply posts that merely affirm, restate or unprofessionally quarrel with the previous post(s) and fail to make a valuable, substantive contribution to the discussion will receive appropriate point deductions.