Maximizing Profits in Market Structures Paper

Maximizing Profits - Loretta Campbell Maximizing Profits in Market Structures Paper Loretta Campbell Principles of Economics Eugene Kaufman Loretta

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Loretta Campbell Maximizing Profits in Market Structures Paper Loretta Campbell Principles of Economics Eugene Kaufman Loretta Campbell 03/06/2011
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Loretta Campbell A competitive market which is also referred to as a perfectly competitive market is made up of two features. The first is that there are many buyers and many sellers in the market and the goods offered by the various sellers are largely the same, and firms can freely enter and exit the market. Another market structure is a monopoly which is when a firm is the sole seller of its product and if its product does not have close substitutes. A monopoly remains the only seller in its market because a key resource is owned by a single firm; the government gives a single firm the exclusive right to produce some good or service, and the costs of production make a single producer more efficient than a large number of producers. An oligopoly is when a few large suppliers dominate the market resulting in a high degree of market concentration. No one buyer or seller is able to control the market price of goods
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This note was uploaded on 05/29/2011 for the course POS 110 taught by Professor Britt,j during the Spring '10 term at University of Phoenix.

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Maximizing Profits - Loretta Campbell Maximizing Profits in Market Structures Paper Loretta Campbell Principles of Economics Eugene Kaufman Loretta

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