Types of market a) Perfect competition - one in which every firm is to small to affect the mark price - many buyers & sellers - homogeneous product - free entry and exit - perfect knowledge of price cost ( no control over price) - perfect price elastic b) Monopolistic competition -many buyers & sellers -differentiated products which are close substitute - Free entry but firms only can product close substitutes -Some control over price -less perfect price elastic c)
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methodology for supply chain vs. supply chain competition remains elusive in literature in terms of purpose‚ approaches and theoretical foundations. The purpose of this paper is to identify suitable theories of competition from which supply chain vs. supply chain competition may be further developed. Paper explores literature on competition theories‚ competition and its correlates and also considers the dichotomy between competitiveness and competition in relation to achievement of a competitive advantage
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environment in which businesses operate 2.1 Explain how economic systems attempt to allocate resources effectively 2.2 Assess the impact of fiscal and monetary policy on business organisations and their activities 2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organization. Understanding the behaviour of organisations in their market environment 3.1 Explain how market structures determine the
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contending for market share‚ are interdependent as an effect of market forces. There are two extreme types of market structure: monopoly and‚ its differing‚ perfect competition. Perfect competition is categorized by various consumers and suppliers‚ several goods that are comparable in nature as well as result‚ several alternatives. Perfect competition means that there are limited; barriers to entrance for fresh companies plus prices are determined via supply and demand. Consequently‚ manufacturers within
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incumbent’s customers‚ and entry decisions can be reversed without cost.” For a contestable market to exist there must be low barriers to entry and exit so that there is always the potential for new suppliers to come into a market to provide fresh competition to existing suppliers. For a perfectly contestable market‚ entry into and exit out of the market must be costlessThe reality is that no market is perfectly contestable (there are always some “barriers to contestability” – see your revision notes
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decisions of businessesExplain how market structures in the above case deviate determine the pricing and output decisions of businesses | - Market type as one of perfect competition‚ monopoly‚ monopolistic competition‚ oligopoly‚ duopoly.- Decisions of the company based on competitive advantage‚ strategies and in line with regulation of competition. | | | Illustrate the way in which market forces shape organisational responses using a range of examplesIllustrate the way in which market forces shape
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Disadvantages of Monopoly: • Higher prices and lower output Monopolies often mean that prices will be higher and output lower than is the case for an industry where competition prevails. Firms in one industry are producing under conditions of perfect competition‚ while the other firm is operating under conditions of monopoly. The costs of production are the same for each industry. • Excess profits High profits made by the monopolist are not necessarily an indication of efficient methods
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particular commodity in a market. There is no close substitute for the product in the market so the seller has complete power to set its prices high as there is no competition. Usually monopoly companies try to exploit consumers by charging higher prices as consumers have no other choice‚ this leads the company to maximize profits. Perfect Example of a Monopoly is Samsung’s Smart Camera and Smart TV. How is Samsung Smart Camera a Monopoly? Samsung Smart Cameras were launched in 2012. People now days
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products and sell to United States of America. It will increase the opportunity of the work for the worker. c. It will make textile manufacturers have more competition in the market because the product of China and Indonesia is very cheap‚ It will decrease the opportunity of the work for the worker. d. It will make textile manufacturers have more competition in the market‚ it will make them more difficult to survive in the market. It will decrease the opportunity of the work for the worker. e. It will make
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University of Phoenix Material Differentiating Between Market Structures Table Compare the four market structures by filling in the table. | |Perfect competition |Monopoly |Monopolistic competition |Oligopoly | |Example organization |General Mills-Green Giant |In south west Florida the power company |Charmin
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