Market Models

Market Models - eco202 Prof. Jui-Chi Huang Market Model...

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Unformatted text preview: eco202 Prof. Jui-Chi Huang Market Model Characteristic Pure (Perfect) Competition [Mainly agricultural products] corn, sugar, wheat, strawberry, cucumbers, fish products, basic metals, stock shares, foreign exchange, ... A very large number Standardized Monopolistic Competition Oligopoly Pure Monopoly Examples [Retail trade] clothing, shoes, furniture, books, food and beverages in McDonald's Subway, or Taco Bells, ... [Manufacturing, mining, or wholesaling industries] Steel, automobiles, farm implements, aircrafts, many household appliances, beer, ... Few Standardized or Differentiated Limited Significant obstacles Product differentiation De Beers' diamonds, local electric utility, local telephone service, cable TV, prescription drugs, Microsoft's Windows (nearmonopoly), ... One Unique (no close substitutes) Considerable (price maker) Blocked Public relations advertising Number of firms Type of product Many Differentiated Control over price Conditions of entry Nonprice competition None (price taker) Very easy None Some Relatively easy Advertising, brand names, trademarks Note: for Chapters 10 12. eco202ch10Spr04_mkts.doc ...
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This note was uploaded on 06/26/2009 for the course ECON 205 taught by Professor Kamrany during the Fall '07 term at USC.

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