THE UTILITY CONCEPT THE term utility refers to satisfaction a consumer gets from whatever goods and services he consumes. It will be useful to discuss between two utility concepts: (i) total utility (ii) marginal utility Total utility attained from a commodity refers to the sum total of satisfaction which a consumer receives by consuming the various units of the commodity. The more units he consumes‚ the greater will be his total satisfaction upto a certain point. As he keeps on
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In terms of competitive nature‚ we can classify real world organisations under the following headings‚ Monopoly‚ Monopsony‚ Oligopoly‚ duopoly and Monopolistic Competition. Monopoly In the UK‚ a business controlling 25% of the market is considered a monopoly. According to Stigler‚ G (2008) a monopoly is “an enterprise that is the only seller of a good or service”. In order for a true monopoly to arise‚ a company must hold a significant advantage‚ imposing barriers for entry to prevent others from
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|Dudley College of Technology | |Market Structures | | | |
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derive testable implications about the impact of market concentration on the structure of relative prices within a menu of prices. The analysis then uses a
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way. The competitive market leads to structure such as oligopoly where many buyers and sellers involve in trade of similar products making average profit. The non-competitive market structures leads to monopoly with high barriers controlling new entrants‚ and with equilibrium profit or higher monopoly profit. Market forces affect organizational responses to supply and demand‚ where those responses and behavior are shaped via cultural environment such as economics‚ socio-culture‚ technology‚ etc. In
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from both views. More importantly it shifts the focus and provides new insight into the workings of competition. The two differing views of competition will be examined‚ followed by an examination of the contestable market theory‚ concluding with an analysis of the degree to which there is synthesis. Static view of competition The static view of competition focuses on the market structure as the key determining factor in the performance and behaviour of firms. It is the neoclassical approach of
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Eleven monopolistic competition and oligopoly CHAPTER OVERVIEW Pure competition and pure monopoly are the exceptions‚ not the rule‚ in the U.S. economy. In this chapter‚ the two market structures that fall between the extremes are discussed. Monopolistic competition contains a considerable amount of competition mixed with a small dose of monopoly power. Oligopoly‚ in contrast‚ implies a blend of greater monopoly power and less competition. First‚ monopolistic competition is defined‚ listing important
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Competition Policy‚ Restrictive Trade Practices‚ Competition and Consumer Protection‚ Mergers‚ Dominance‚ Resale Price Maintenance‚ Competition Law/Policy in Bangladesh‚ Bangladesh Competition Commission (BCC)‚ procedure for investigation/ inquiry by the Monopolies and Restrictive Trade Practices Commission/Competition Commission relating to restrictive‚ unfair and monopolistic trade practices; globalization of market and consumer protection 2 Competition Law and Bangladesh -6 Concept of competition Rivalry
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2 TYPE: + BUSPROG: Analytic AICPA: BB-Legal 8. A territorial or customer restriction is currently considered a per se violation of antitrust law. answer: F PAGES: Section 2 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 9. The possession of monopoly power is the only element needed to establish the offense of monopolization. ANSWER: F PAGES: Section 3 TYPE: + BUSPROG: Analytic AICPA: BB-Legal 10. A firm may be a monopolist even though it is not the sole seller in a market.
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huge recognition in European nations like Germany‚ Sweden‚ and Norway which were slowly adapting Anti-Cartel Laws. According to Paddy McNutt “The economic analysis of law does not necessarily seek the correct answer to law problems from within the law but regards law as a social phenomenon”. Section 2 and Sherman Act‚ 1890 prohibits monopoly‚ attempts and conspiring of monopolizing.
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