Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Different market structures exist. In totally serious business sectors, no members are adequately enormous to have the market ability to set the cost of a

image text in transcribed
image text in transcribed
Different market structures exist. In totally serious business sectors, no members are adequately enormous to have the market ability to set the cost of a homogeneous item. At the end of the day. each member is a "cost taker" as no member impacts the cost of an item. In reality, showcases frequently experience defective contest. Structures incorporate imposing business model (in which there is just a single merchant of a decent}, duopoly {in which there are just two venders of a decent], oligopoly (in which there are not many dealers of a decent], monopolistic rivalry [in which there are numerous venders delivering exceptionally separated products}, monopsony {in which there is just a single purchaser of a decent], and oligopsony [in which there are not many purchasers of a decent]. Dissimilar to consummate contest, flawed rivalry perpetually implies market power is inconsistent dispersed. Firms under defective rivalry can possibly be "cost creators", and that actually intends that, by holding a lopsidedly high portion of market power, they can impact the costs of their items

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Land Law Text Cases And Materials

Authors: Ben McFarlane, Nicholas Hopkins, Sarah Nield

5th Edition

0198868529, 978-0198868521

More Books

Students also viewed these Law questions