Market Structures

Monopolistic Competition

Characteristics

-Many sellers and many buyers

-Similar but differentiated products

-Limited control of prices

-Freedom to enter and exit the market

Advantages

-The products are all similar so you know that one way or another you will get a form of the product that you want.

Disadvantages

-Some firms will not be able to compete in the market.

Examples

Oligopoly

Characteristics

-Few sellers and many buyers

-Standardized or differentialted products

-More control of prices

-Little freedom to enter or exit the market

Advantages

-Less competitive

-Few sellers are more powerful than other sellers

Disadvantages

-Entering or exiting the market is difficult

-The sellers have more power to effectively control prices

Examples

Monopoly

Characteristics

-Only one seller

-A restricted, regulated market

-Control of prices

Different types of monopolies

Natural monopoly-Market situation in which production costs are lowest when there is only one firm providing output.

Government monopoly-A monopoly that exists due the government owning and running the business, or only allowing one producer of that product

Technological monopoly-Exists due to a firm controlling a method of manufacturing, or have the only rights to produce that product

Geographic monopoly-One company is the only provider of a good or service.

Advantages

-Natural monopolies improve efficiency

-Government monopolies provide services in an efficient and cost-effective manner

Disadvantages

-All types of monopolies discourage competition

-Economies of scale causes natural monopolies to exist

-Technological monopolies only last as long as the patent for the the product

-Higher prices for professional sports games

Examples

Natural monopolies

Government monopoly

Technological monopoly

Geographic monopoly

Comment Stream

2 years ago
0

Really simple and readable, lots of pictures. However, the informational content is a little sparse, and it feels like you just tossed a ton of photos at the bottom just to make it work

2 years ago
0

Simple and great use of the picture slideshow function. Definitely saves space and cleans it up. In the monopoly portion, you could probably use some more information on top of the pictures but other than that thumbs up

2 years ago
0

Great use of visuals, the text was visually pleasing as well and it provided great points on all the different subjects, I really enjoyed the united states of sports image too.

2 years ago
0

Well written and easy to follow throughout the entire page. The images contained within are very relatable to the topics contained in your page.

2 years ago
0

I liked how simple your content was presented. However, for the "Some firms will not be able to compete in the market." disadvantage of monopolistic competition, I feel as though the book talked a lot about how it is easy for businesses to enter and exit the market at will. Additionally, there are other disadvantages like the fact that the consumer generally has less of a choice because substitute products are note actually acceptable substitutes.

2 years ago
0

@barsedgod_tackk2 Philip Rodriguez

2 years ago
0

A small amount of the information was off; you said that oligopolies offer similar of differentiated products, which isn't true; there are a few other things as well. Nice graphics but you could've placed them throughout the page.

2 years ago
0

@jbroomell it's interesting that you claim that oligopolies don't offer similar but differentiated products. How can a characteristic that the textbook explicitly states be wrong?

2 years ago
0

I believe that you needed more information and you need to space out your pictures more. Other than that, I like the simplicity of the design.