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Unformatted text preview: Lecture 14 and 15: Market Structure Marketing and Pricing Process o Market place where buying and selling transactions occur between consumers and sellers OR where forces representing demand and supply meet Markets vary in size and structure Influence behavior of consumers and sellers Lead to different prices and trade volumes Four basic patterns of market structure o Perfect competition o Imperfect competition Monopolistic competition Oligopoly Pure monopoly Concentration ratio- percentage of total shipments in an industry produced by the four leading firms in that industry o Imperfect competition exists in a substantial portion of the American market for goods and services Market Structure o Buyers Pure competition Monops onistic competition many consumers, but not that many Ex. collection of sports memorabilia o Lots of people collect, but not everyone Oligopsony drop number of buyers out there Monopsony one buyer only...
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- Fall '12