Unformatted text preview: which they can change the prices of their products as long as consumers are still willing to buy the product. 3.) Monopoly Monopoly exists when there is only a single firm operating in a specific industry. Entry to that type of market can be usually very difficult due to some instances which would serve as ‘barriers’ such as social and political. That ‘single firm’ has also control over the price over the products or services they produce. 4.) Oligopoly Like Monopoly, Oligopoly has also barriers to entry, though somewhat lesser than those of the monopoly. It has an environment where the market is dominated by a small number of sellers, where they produce products and services that are quite similar, thus results into a competition to gain most of the market share, which is usually a competition regarding quality and features instead of pricing. Lastly, firms under this market do present an interdependent relationship....
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This note was uploaded on 02/20/2012 for the course ACCOUNTING 102 taught by Professor Calamba during the Summer '11 term at Universität St. Gallen (HSG).
- Summer '11