Historical labaor supply and dema22nd

Historical labaor supply and dema22nd - Market Structures 1...

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Market Structures Market Structures Gregory Mann Axia College of University of Phoenix Xeco 212 1
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Market Structures When considering a market and the market structure that distinguishes the type of market system, the infrastructure of each system is separated by several criteria. Factors such as size and actual number of consumers and producers, various services and goods in the market and the relationships of the parties involving the freedom of information and how freely the information flows in the market, distinguish the type of system and business relationship. Whether or not there may be barriers to enter the market, how decisions on pricing are determined and how decisions concerning output of goods and services, the types of products, goods or services in the market, if any non-price competition exists in the market and how the firm acts in the market involving interdependence are the other defining characteristics of the various systems. The different economical systems handle profit possibilities and market costs in different degrees and their reactions and involvement with competition are other distinguishable characteristics of the various market structures and systems. A monopoly, an oligopoly, an element of perfect competition and a monopolistic competition are the structures that comprise an economy and the marker place. Each market structure consists of characteristics defining their role and the how that role is played in a competitive market. A monopoly is defined in a competitive market system as a persistent market situation where there is only one provider of a kind of product, good or service. The market structure of a monopoly involves only one firm in the structure. This structure experiences a significant number of barriers to enter the market as a monopoly. A monopoly determines price and maximizing profits as both short-term, short-running and long-term, long-running processes. Decisions about pricing characteristics and the goal of the firm in maximizing profits is determined by how the marginal revenue (MR) equals the marginal cost (MC). The situation of receiving additional revenue when producing additional quantity, meeting or equaling the addition of more costs in
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This note was uploaded on 10/21/2010 for the course ECO 212 AACL0RVXH3 taught by Professor Shivers during the Spring '10 term at University of Phoenix.

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Historical labaor supply and dema22nd - Market Structures 1...

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