Warm-Up Market Structures And Competition

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Warm-Up?Market Structures and CompetitionLessonQuestionLesson GoalsLearn about market structures.Analyze theDiscover howExplain howbetween monopolisticcompetition and purecompetition.affect the economy.function.W2KWords to KnowFill in this table as you work through the lesson. You may also use the glossary tohelp you.competeto work toward a goal while attempting to defeatsellers produce thea market structure in whichmonopolisticcompetition same item but each producer sets itsprice andquality without impacting the whole marketmonopoly Edgenuity, Inc.supplier of a good or servicea market that has a1

Warm-UpW2KMarket Structures and CompetitionWords to Knowoligopolypure competitionsovereigntya market situation that exists when there arebusinesses in a marketplaceflowa market with many sellers of products,of information, and free entry to and exit from themarketplaceinfluence on a marketaCompetitionCompetition occurs when two or morefrom consumers.work to gain business Producers compete by offering incentives to consumers. Competition is not always present in the market.Competition and Market ONCOMPETITIONPurecompetitionOligopoly Edgenuity, Inc.2

Warm-UpMarket Structures and CompetitionWhy Competition MattersKaitlyn wants to purchase new software for her computer. She wants tofind a product that will meet her needs, and she has price requirementsto keep her within her budget.Market structures affect the Edgenuity, Inc.that Kaitlyn has available to her.3

InstructionMarket Structures and CompetitionSlide2MonopolyA monopoly is a market that has asupplier of a good or service.How Monopolies FormMonopolies can form when:for available goods. there are no close there is apreventing producers from entering the marketNatural MonopoliesNatural monopolies form when one producer can naturally meet the entireof the market. Occurs because cost of production is tooproducers Can includefor more, such as electricity providersTechnological MonopoliesTechnological monopolies occur when one producer controls aproduction.is issued. This can occur when a A producer hasproduct. Edgenuity, Inc.control of the only way to create a4of

InstructionMarket Structures and CompetitionSlide2Government MonopoliesGovernment monopolies are created and run by the government of a nation.in the specific market. The producer is the only one Other producers are not allowed to enter the market by4.Consumers and MonopoliesIn a monopoly, there is little or no consumer Consumers have.choices.present. Prices do not vary because there is no Consumers must purchase what is available to them.6OligopolyAn oligopoly exists when there are amarketplace.producers that dominate aHow Oligopolies FormOligopolies can form when:for available goods. there are no close there is apreventing producers from entering the market. firms cooperate to set Edgenuity, Inc.or shut out competition.5

InstructionMarket Structures and CompetitionSlide6Characteristics of OligopoliesIn an oligopoly: competition is. producers do not control theentirely. competition usually occurs through brand loyalty,and promotions.,Oligopolies in American IndustryThe car industry can be considered an oligopoly. There are significant barriers to 8.loyalty and image heavily affect.Consumers and OligopoliesConsumers havesovereignty in an oligopoly market. Consumer choices are limited and usually revolve around brand. Consumers often have to pay more for goods and services becauseoligopolies are Edgenuity, Inc.6

InstructionMarket Structures and CompetitionSlide10Monopolistic CompetitionMonopolistic competition occurs in aidentical products.market withoutCharacteristics of Monopolistic CompetitionMonopolistic competition occurs when: producers set their own, but their prices are in the samerange as their competitors’ prices. producers compete with other sellers by producinggoods. there are few barriers to entering the market.Monopolistic Competition and ConsumersConsumer sovereignty iscompetition.limited in a system of monopolistic Producers must still provide goods thatbecause there are fewer barriers Consumers have moreto entering the market.12want to buy.Pure CompetitionPure competition occurs when producers sellservices. Edgenuity, Inc.7goods and

InstructionMarket Structures and CompetitionSlide12Characteristics of Pure CompetitionPure competition occurs whensupply identical goods. There are few barriers to entry. Firms have no control over price, as it is based solely onand demand. Producers have a relativelymarket share. Consumers decide what to purchase based purely on.Pure Competition and ConsumersConsumeris greatest in a system of pure competition. Consumers can affect the market by makingprice.based on Consumers have few choices because goods are identical and prices arethe same.prices. Competition creates Edgenuity, Inc.8

Summary?LessonQuestionMarket Structures and CompetitionHow do market structures affect competition?AnswerSlide2Review: Competition and Market olisticcompetitioncompetitionLESS COMPETITIONLESS COMPETITIONLESS COMPETITIONMORE COMPETITIONMORE COMPETITIONMORE COMPETITIONcompetitioncompetitioncompetition Edgenuity, Inc.9

SummaryMarket Structures and CompetitionSlide2Review: Monopolies and OligopoliesNumber of producersOneA fewBarriers to entryHighHighBasis of competitionNoneQuality and serviceEffect on consumersNo choicesFew choicesReview: Monopolistic Competition and Pure Competitioncompetition Edgenuity, Inc.competitionNumber of producersManyManyBarriers to entryLowLowBasis of competitionPrice, quality, featuresand serviceAll firms sell at thesame priceEffect on consumersMany choices basedupon brand loyaltyGoods are identical;prices are the same10

SummaryMarket Structures and CompetitionUse this space to write any questions or thoughts about this lesson. Edgenuity, Inc.11

Monopoly Oligopoly Monopolistic competition Pure competition COMPETIT N COMPETITIO N oligopoly a market situation that exists when there are businesses in a marketplace pure competition a market with many sellers of products, flow of information, and free entry to and exit from

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