4 BSNS104 2019 S2 - Imperfect Competition - Monopolistic Competition(1).pptx - ndustrial Organisation Imperfect Competition Imperfect competition –

4 BSNS104 2019 S2 - Imperfect Competition - Monopolistic Competition(1).pptx

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ndustrial Organisation Imperfect Competition Imperfect competition – Chap 16 & 17 refers to those market structures that fall between perfect competition and pure monopoly. Firms have competitors but do not face so much competition that they are price takers because of: some barriers to entry some product differentiation (often both) This is true for most industries.
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ndustrial Organisation Imperfect Competition Oligopoly: there are only a few sellers, each offering a similar or identical product to the others. Monopolistic competition: there are many firms selling products that are similar but not identical. Examples: Practically every industry falls into these categories. Air travel, book stores, tennis balls, banks, supermarkets….
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Market structure Monopoly: tap water electricity transmissi on Oligopoly: supermarke ts banks Monopolisti c competitio n: films cafes Perfect competitio n: milk wheat one firm few firms many firms identical products differentiated products ndustrial Organisation Imperfect Competition
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