Four Different Market Structures - 1208 Words

Four Market Structures Shavon Harrison ECON222 Kunsoo Choi What are the four market structures and their characteristics? According to McConnell and Brue (2004) describe four market structures that companies align themselves with during the course of their corporate lives.: â€Å"Pure Competition, Pure Monopoly, Monopolistic Competition and Oligopoly. Companies may move from market structure to market structure over the course of growth and time. This movement between structures may be the result of product changes, introduction of competition or consumer interests. McConnell and Brue (2004) also states that, pure competition is a very large number of firms producing a standardized product. This is the case with the corn†¦show more content†¦Many companies provide multiple services with products that are differentiated through location. Companies like GEICO use the gecko for easy association with its brand name. The insurance arena has easy market entry and exit and some price control. To maximize profit, insurance firms must jugg le three components of monopolistic competition; price, product, and advertising. In specific reference to automobile liability insurance pricing systems, the risk factors that derive price include insurer risk, regulation, geographical region, and investment returns. The rates are comprised of fixed and variable costs. Fixed costs are relatively low because of minimal operational expenses whereas variable costs are high because of the relatively unlimited risks. The insurance firm is pricing for the long run equilibrium output so that price exceeds the minimum average costs for a normal return. An oligopoly is a â€Å"market structure in which a few firms sell either a standardized or differentiated product into which entry is difficult in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms) and in which there is typically non-price competition† (McConnell and Brue, 2004). As the formation of trusts was restricted in the United States, the oligopoly became the most frequent big-business structure. With four or five large firms responsible for most of the output of eachShow MoreRelatedThe Four Different Market Structures Essay2152 Words   |  9 PagesThis paper will outline the four different market structures. The four market structures are perfect competition, monopolistic competition, oligopoly and monopoly. This paper will outline the difference in each structure and also show different features about each one. After the features have been outlined it will then move onto looking at t he pricing strategies needed in each market structure. The pricing strategies will then be linked together with their market structures in a case study to show howRead MoreTypes of Competition1000 Words   |  4 Pagestheory usually differentiates across the four major types of market structure: monopoly, oligopoly, monopolistic competition, and perfect competition. Although the list of market structures can be virtually unlimited, these four types are considered to be the basis for understanding the principles of market performance in different market conditions. Each of the four types of market structures possesses its benefits and drawbacks. In any of these markets, an entrepreneur can develop a strategy appropriateRead MoreReflection Paper1607 Words   |  7 Pageslearning team began discussing the topic of market structures. According to our readings, there are four different types of market structures such as pure competition, a pure monopoly, a monopolistic competition, and an oligopoly. Each one of these market structures are diverse in definition, characteristics, and in application, which will be further explained later in detail. We had learned that each one of these four market structures can be applied to businesses, organizationsRead MoreEssay on Four Market Structures in Australia865 Words   |  4 PagesIndividual Essay Four Market Structures in Australia. NAME: LKHAGVASUREN KHURELBAATAR ID: EMV 20110 ------------------------------------------------- Individual Essay Four Market Structures in Australia. Introduction Market structure reflects all the most important aspects of the market - the number of firms in the industry, the type of product produced, the possibility to enter and exit of firms, number of customers, the ability of a single firm to influence the market price. The lowerRead MoreThe Market Structures, Monopolistic Competition, Oligopoly And Monopoly1507 Words   |  7 PagesIntroduction A market is a dynamic and restless institution where commercial dealing between buyers and sellers takes place. There are many companies and businesses that run the market. According to how the firm functions and other factors like the number of competitor firms and the type of products produced, the firm is classified into a particular market structure. The other competing firms in the market structure affect the pricing strategies of a particular firm in the same industry. Based onRead MoreDifferentiating Between Market Structures Essay1077 Words   |  5 PagesDifferentiating between Market Structures The structure of a market is defined by the number of firms in the market, the existence or otherwise of barriers to entry of new firms, and the interdependence among firms in determining pricing and output to maximize profits. The author of this paper will cover: the advantages and limitation of supply and demand identified in the simulation, the effectiveness of the organization in which the author knows, and how the organizations in each market structure maximizesRead MoreInside Mass Trading By The Nearby Chairman1320 Words   |  6 Pagesoutwardly analyze the sundry business structures. My part is to give dissection and answers to these principal inquiries that will profit the chairman comprehend the structures of a number of the organizations in his city. With a specific end goal to short the leader, I was given the errand to examine the different business structures and qualities of every that will be examined in incredible detail alongside samples of the sundry business stru ctures. Different focuses that will be examined are: Read MoreThe Market Structures Of A Market Structure962 Words   |  4 PagesIn economics, there are four market structures that function in the worldwide market. Each of these market structures correlates with one another to create the demand and supply of the market. However, these market structures have some unique traits that no other theory can have alike. Therefore, a comparison and contrast is necessary to distinguish each of these theories from one another. These market structures of the economy are perfect competition, monopoly, monopolistic competition, and oligopolyRead MoreEssay about The Structure of Australia’s Banking Industry1252 Words   |  6 PagesThe structure of Australia’s banking industry is similar to that of an oligopoly, which poses the threat of minimising competition. The structure, performance and conduct of banks are important as they ensure that they act competitively, however in Aust ralia the market is dominated by four major banks threatening competition. The structure in the Australian banking industry is fairly oligopolistic, decreasing the amount of competition evident in the market. Performance of the dominating banks hasRead MoreTerm Paper925 Words   |  4 PagesMarket Structure University of Phoenix Introduction When a product is produced, the company that produces that particular product falls into one of four categories: pure competition, monopolistic competition, oligopoly, and monopoly. Depending on how many companies are producing a product determines what market structure the company is labeled. Each category determines how a company will use pricing and non-pricing to advance in the economy. The United States economic market is competitive

Analytical Comparison Essay free essay sample

Dysfunctional Children Raised By Disobedient Parents Dysfunctional children all have one main factor to their disobedience and that is horrible parenting. From a single mother raising the child to parents fighting and arguing Inside the house In front of the kids. The article, Mine Is Right: The Primal Scream of Teenage Music, By Mary Breasted, demonstrates that dysfunctional kids show the greatest emotion due to disobedient parenting. All of this was compared to music from todays artists.The article, Dont Mention the Family, By Jason Cooley, Has many segments from different publishers showing the cons of all parenting. From single mothers, beat down dads, to abuse in the household from both parents, but both have salary reviews on bad parenting. Bad parenting causes children to behave more different than normal due to fear, or wanting attention. Many examples are shown from music from artists that have been through it already. He spoke the vulgar truth in every word. Teenage girls getting pregnant and have no one to tell, so they drop out of school to support their child. Boys who grew up with no father try to find a big brother or father figure on the streets, causing them to get into trouble. Although Tuba Shaker never knew his father and had a mother who was charged for possession of crack when he was young. Tuba loved his mother and although she made mistakes, he cherished everyone moment he had with her because Tubas mother was the one who raised him into a man who respected the womens gender. Another rap artist she used in her argument was Shawn Carter, also known as Jay-Z.Jay-Z did not have a father as he grew up. Both Tuba and Jay-Z grew up as adolescents, who sold drugs, had guns, lived in the ghetto, and had a mentality of a thug or gangster. Even though they had those cons, they both rapped about being good parents will prevent your kids to be like them. The fact that child abandonment is also a theme in hip-hop might help explain what otherwise appears as a commercial puzzle?namely, how particular music moved from the fringes of black entertainment to the every center of the Every teenager mainstreams (Breasted).Hip-hop music does not only symbolize adolescent black teens, but also disobedient white teens. The main point that Breasted uses to argue her issue is the Rap artist, Marshall Matters, also known as Amine. Amine grew up with no father, and a where of a mom. His step dad abused him and Amine retaliated and fought back. Amine rapped about irresponsible parents throughout most of his music. In Amines music, He states that Children need their parents and not having parents causes all hell to break loose. Amine does talk down on women, but he does not send it out to all women, just his mom and his ex- wife for not being women, but being better mothers. Todays teenagers are a sees, and the parents who made them that way refuse to get it (Breasted). The connection that Amine makes to his fans from the song he published, Sing For The Moment, is a connection that parents, in his view, just dont get. Breasted states that, the visuals from the song show clearly what the lyrics depict?hordes of disaffected kids.Flashbacks to bad home lives, screaming out to the singer who feels their pain. Amine gets criticized for being foul- mouthed, and hate Of Others, but he offers a cautionary tale that speaks to our civilizations growing depravity. The only ones who understand Amines main was his fans, and their parents still had no clue what was going on with their children. In the article, Dont Mention The Family, By Jason Cooley, mentions from one of his sources that poverty is the real issues, not fathers. Most single parents are poor.We shouldnt blame the parents, but the Government as well. Better welfare causes single parents from becoming poor. Another point he brings into his argument is that having both parents in the house is not the best choice either. Parents will argue and fight in front of their children and can cause a huge mental and emotional confrontation within the child. Arenas will debate what their roles is as a parent are in the household. so, what the left should get is family values based on an ethic of care and underpinned by one of justice, which enshrines the value of equality (Leister).Another point Cooley argues is that a stable family is a key to a young childs early years. Good parenting, which usually includes both parents, and help from the grandparents, can surpass poverty and expand a childs life chances. Both articles argue and provide an abundant of evidence to support their argument. Although Mary Breasted used Music artists, she clearly shows that cost of the artists know what disobedient teens are feeling. Many say that Hip-Hop music is vulgar and show violence, the words in every song show the true meaning of some peoples lives.Many teen girls are getting pregnant, and they do not know what to do about it. Boys are joining gangs, and becoming thugs by selling drugs, carrying hand held weapons, etc. Bad parenting causes all of these in todays society. Jason Cooley does not blame it on the parents; the evidence he provides blames the government. The parents tried their best to raise their children, even if their best was not good enough, but the government could have helped them. Better welfare could have prevented lack of parenting due to jobs.Not only does bad parenting cause dysfunctional children, but so does poor government. Tuba, Jay-Z, and Amine all grew up in the low-poverty areas, which caused absent of fathers, lack of parenting from mothers, and a trend throughout the community surrounding them. Fifth government gave better welfare, no one would have to live like that unless it is by choice or poor decision-making. The strengths of both articles show that parenting skills are necessary when raising kids. Keeping children out of trouble, and paying attention to their child in need.