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Not a place but a medium of interaction between buyers and sellers of
products.
Not a place but a medium of interaction between buyers and sellers of products.
can be both tangible and intangible.
can be both tangible and intangible.
It is important because it enables those with excess goods to sell them to those
who need them at a price that gives everyone the best dea
It is important because it enables those with excess goods to sell them to those who need them at a price that gives everyone the best dea
KINDS OF MARKET
KINDS OF MARKET
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the most visible market to us consumers as we also partakes in its
activities.
the most visible market to us consumers as we also partakes in its activities.
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enable raw material and intermediate product producers to sell
their products to final product producers who are now the market buyers
enable raw material and intermediate product producers to sell their products to final product producers who are now the market buyers
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enables resource owners to sell the basic services of labor, land
and capital to producers of goods and services.
enables resource owners to sell the basic services of labor, land and capital to producers of goods and services.
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rivalry among various buyers and sellers in the market
rivalry among various buyers and sellers in the market
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a situation of the diffused, impersonal competition among sellers, who
compete to sell their goods, and among buyers, who use their purchasing power to
acquire the available goods in the market.
a situation of the diffused, impersonal competition among sellers, who compete to sell their goods, and among buyers, who use their purchasing power to acquire the available goods in the market.
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THERE ARE VARYING DEGREES OF COMPETITION IN THE
MARKET THAT DEPEND ON THE FOLLOWING FACTORS:
THERE ARE VARYING DEGREES OF COMPETITION IN THE MARKET THAT DEPEND ON THE FOLLOWING FACTORS:
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TYPES OF COMPETITION
TYPES OF COMPETITION
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TYPES OF PERFECT COMPETITION
TYPES OF PERFECT COMPETITION
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TYPES OF IMPERFECT COMPETITION
TYPES OF IMPERFECT COMPETITION
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many buyers and sellers who are too small to individually affect the price.
many buyers and sellers who are too small to individually affect the price.
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products are perfectly similar or standardized such that every
consumer has no preference for one seller over the another.
products are perfectly similar or standardized such that every consumer has no preference for one seller over the another.
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products and resources are perfectly mobile in geographic space, as
well as convertible to other uses.
products and resources are perfectly mobile in geographic space, as well as convertible to other uses.
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perfect knowledge of economic agents of market such as present
and future prices, cost and economic opportunities.
perfect knowledge of economic agents of market such as present and future prices, cost and economic opportunities.
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market price and quantity of output are freely determined by supply and
demand
market price and quantity of output are freely determined by supply and demand
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exists when a single firm that sells in that market has no close substitutes.
exists when a single firm that sells in that market has no close substitutes.
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The existence of a monopoly depends on how easy it is for consumers to substitute the
products for those of other sellers.
The existence of a monopoly depends on how easy it is for consumers to substitute the products for those of other sellers.
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A single seller has control of the entire supply of raw materials
A single seller has control of the entire supply of raw materials
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Ownership of patent or copyright is invested in a single seller.
Ownership of patent or copyright is invested in a single seller.
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The producer enjoys economies of scale
The producer enjoys economies of scale
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The grant of a government franchise to a single firm.
The grant of a government franchise to a single firm.
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a market structure in which many firms can freely enter and
exit the market but sell products that are differentiated.
a market structure in which many firms can freely enter and exit the market but sell products that are differentiated.
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This market is a monopoly of a sort because seller has some control over the price and
volume for the exclusive buyers of a preferably different products
This market is a monopoly of a sort because seller has some control over the price and volume for the exclusive buyers of a preferably different products
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a market dominated by a small number of strategically interacting firms.
a market dominated by a small number of strategically interacting firms.
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Few sellers account for most of or total production because barriers to free entry make it
difficult for new firms to enter
Few sellers account for most of or total production because barriers to free entry make it difficult for new firms to enter
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The action of each firm affects other firms.
The action of each firm affects other firms.
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There is strong interdependence among firms.
There is strong interdependence among firms.
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It determines the amount of market power or control the business owner will enjoy
It determines the amount of market power or control the business owner will enjoy
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Greater market power means greater ability to control prices and differentiate the products
one offers for sale, thus leading to opportunities for more profits
Greater market power means greater ability to control prices and differentiate the products one offers for sale, thus leading to opportunities for more profits
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the willingness of a consumer to buy a commodity at a given price.
the willingness of a consumer to buy a commodity at a given price.
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It is the quantity of a good that a person will buy at a given time, given price of that good.
It is the quantity of a good that a person will buy at a given time, given price of that good.
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The desire of a consumer to buy goods and services and his/her willingness to pay a
certain price for a good or service.
The desire of a consumer to buy goods and services and his/her willingness to pay a certain price for a good or service.
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______ shows the various quantities the consumers are willing to buy at
various prices.
______ shows the various quantities the consumers are willing to buy at various prices.
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As price increases, the quantity demanded for that product decreases.
As price increases, the quantity demanded for that product decreases.
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THE LAW OF DEMAND
THE LAW OF DEMAND
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Thus, when the price increases, the quantity demanded for the good decreases
Thus, when the price increases, the quantity demanded for the good decreases
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refers to the quantity of goods that a seller is willing to offer for sale.
refers to the quantity of goods that a seller is willing to offer for sale.
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It is the amount of a specific good or service that is made available to the consumers at a
specific price.
It is the amount of a specific good or service that is made available to the consumers at a specific price.
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As the price increases, the quantity of that product increases.
As the price increases, the quantity of that product increases.
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The high price of the good motivates the seller to offer more quantity for sale to
increase income.
The high price of the good motivates the seller to offer more quantity for sale to increase income.
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However, the low price hardly motivates the seller to offer even the same quantity
because the lower income from the lower price may no longer be worth the risk.
However, the low price hardly motivates the seller to offer even the same quantity because the lower income from the lower price may no longer be worth the risk.
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Monopoly exists for the following reasons:
Monopoly exists for the following reasons:
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Characteristics of Oligopoly
Characteristics of Oligopoly
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