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Econ outline - Perfect competition a market in which no...

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Perfect competition : a market in which no buyer or seller has market power i. Example : eBay a. economic power : none b. barriers to industry entry : ability to obtain an internet connection, low barriers to entry, and low exit barriers c. type of product made (similar/differentiated) : anything and everything d. number of firms in the market : three… craig’s list, amazon e. use of advertising : word of mouth, billboards Monopolistic Competition : a market in which many firms produce similar goods or service but each maintains some independent control of its own price i. Example : Pepsi a. economic power : able to raise own prices, but this does not greatly affect the other firms directly b. barriers to industry entry : low entry barriers, customer loyalty, advertising, funds, c. type of product made (similar/differentiated) : diet, caffeine free, regular, cherry, MAX, ONE d. number of firms in the market : e. use of advertising : Oligopoly : a market in which a few firms produce all or most of the market supply of a particular good or service
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