Essays on Market Structure

People might not be able to notice it, but it cannot be denied that today’s society has instilled a high value of consumerism. Everything in society has become increasingly commercial that it has influenced the way people think, act, and make decisions for themselves on a daily basis. This is why it is very important for people to know and understand the basics of economics and management, for these has become a natural part of their lives. One of the most basic concepts in economics that people inevitably encounter every day, is the concept of supply and demand. ...

Analysis

A monopoly is when a single business or other organization has complete command and control over a market. It does not mean that they are the only competitor in play. However, it does mean that the single organization in question is not in any way threatened or competed with given the conditions of the market in question. Generally, monopolies are illegal. This is due to the Sherman Anti-Trust Act that was passed in 1890. That law can be used as a means to break up companies that are seen as monopolies. Precisely this was done with Standard Oil Company ...

Introduction

An organization is regarded as an entity that is made up of people with a collective objective and is connected to the external environment. Hence, a business organization is a group of people collaborating to achieve a commercial objective (Handy, 2005). Toyota Motor Corporation is a Japan based auto manufacturing company with its headquarters in Toyota, Aichi. The company was ranked as the 13th largest in the world in terms of their revenue. It was the largest automotive manufacturer in 2010 ahead of the Volkswagen group and the general motors in terms of their production. The Toyota motor company ...

Introduction

Firms in different industries across Australia operate in varying market structures including oligopoly, monopoly, and monopolistic markets. Monopoly firms include Telstra, a telecommunications company that has over the years proved to be the dominant supplier of the internet and mobile services. Grocery supermarkets including Aldi, Woolworths, and Coles operate in oligopoly structures where they have dominance over smaller grocery retailers. Firms operating in the monopolistic structure include restaurants and hairdressing shops where firms aim at expanding their market share through product differentiation. The paper, therefore, uses examples drawn from Australian markets to discuss various market structures.

Oligopoly market structure in Australia

The grocery retail ...

Introduction

Takezo Takada was a visionary man who started the company in 1933, which only became Takata Corporation in the 1980s. It first ventured on textiles at the Shiga Prefecture in Japan but later shifted to automotive safety items in the 1950s. Today, Takata is the world’s leading manufacturer of automotive safety systems, with a capitalization of ¥41,862 million and 50,539 employees spread throughout the major cities of the world, operating 58 manufacturing plants in about 21 countries (Takata Corporation, 2015). Its corporate governance involves a centrally integrated system, with regional and international offices. It has regional ...

1. Fixed costs are costs that are not directly changed by increasing or decreasing the scale of production in the short term. They take a place even in the case when the company produces nothing, that is, their value does not depend on production volume. The types of fixed costs: depreciation, rents, costs of capital repairs, the percentage of the loan for the purchase of equipment, payment of taxes, insurance premiums, administrative expenses etc. On the other hand, variable costs are such costs, the value of which directly depends on the scale of production. The types of variable costs ...

Q1a. From the information contained in the case study above, conduct an analysis of Tesco’s external environment using the STEEPLE model. Your analysis should cover and identify each of the factors as they relate to the case study. (16 marks)

The external environment of a business can be evaluated using a STEEPLE model, which incorporates seven external factors; sociological, technological, economic, environmental, political, legal and ethical (Block 1, Reading 5, p. 34). Here is a brief analysis of Tesco according to the STEEPLE model;

Sociological factors

The variety of business in the UK and across the world is going through ...

Each student will submit a 2500 words (including exhibits) Business Plan for their Simulation Company.  Use Times Roman 11 font, 1 inch margins, double spaced.  The business plan should provide the Board a report on your strategic decisions, with an account of your performance state, and your plan for the future.  Specifics of your decisions over various quarters, assessment of those decisions, and how you stand vis-à-vis competition should be included.  Use the following headings and subheadings to organize your Business Plan:

            2) Strategy of the Firm – SWOT, STEEP and Competitor Analysis             3) Analysis of current situation and ...

Introduction

In simple terms, imperfect competition can be referred to as a type of market structure that does not operate in conformity with the laid rules of perfect competition. In imperfect competition, there are so many barriers that prevent fair competition among the market players and also the accessibility to goods by users is limited and not all transparent. Limitations and barriers to such a market may include: prices being influenced by one or a few suppliers, barriers to the entry and exit of a market are quite significant and information about products and their pricing is very limited. Examples ...

The competition is a prerequisite and characteristic feature of the market. After all, if the basis for the functioning of a market economy put the domination of private ownership of the means of production, which, in turn, acts as a guarantee of freedom of choice for entrepreneurs in their activities, and certainly there is competition between them. The word competition comes from Latin and means to flee together to compete on some other career. This competition is crucial for establishing market prices, which are the main feature of a market economy. Competition (in the economic sense) - the rivalry ...

The purchasing power parity is statistical information we use to compare the prices of the products in the different countries. There are strong assumptions behind the use of the purchasing power parity. The theory assumes that all the countries have the similar production processes, and all the inputs have similar market structures. These are strong assumptions because all the countries cannot generate the same manufacturing process or similar market structures. In the developing countries, we observe that some monopolist producers are supported by the government to increase the competition power of the country in the international markets. Therefore, there ...

According to the modern market trend, the microwavable foods offered by brands such as Healthy Choice and Lean Cuisine have become a convenient option and an easy diet solution for busy people. These microwavable foods are easy to prepare and consume for the people having hectic lives. Thus, there are two growing competitors for this industry of low-calorie frozen, microwavable food. These two competitors have several common factors in their products such as product types and variety, nutritional level and price margin. However, according to the recent financials, Lean Cuisine and Healthy Choice, it had faced a significant drop ...

Market Structure

In simple terms, market structure refers to the classification of the various types of markets, based on their unique features on how they allocate prices of a given product in the market. The aspect is primarily classified into two, which include perfect and imperfect market.

Oligopoly

Refers to a type of market structure where there are few sellers in a given economy with many buyers for the commodity. With oligopoly, the sellers have an influence on the commodity price in the market and can significantly affect competition. An example of a company to indicate the above case is the mobile ...

Out of the many options that today’s generation want easy is the food options. And this easy option is provided by frozen meals of the microwave like Lean Cuisine and Healthy Choice. They also offer favorable solutions of diet for current generation people who are busy. As a result of the growing demand, the competition is also growing and there are two major competitors in the low-calorie, microwavable frozen segment of food industry. There are a number of common factors between both the Companies like the type of product, the value of nutrition, and the price. Another similarity ...

Introduction

This essay will provide a plan for any manager anticipating increasing prices, analyze the primary impacts of the government on employment and production, examine the fairness of state policies, address the principal complications related to capital projects and offer a recommendation of how managers and stockholders can agree despite their interest.

Plan for managers

Virtually every food outlet from fast food stores to large cafes and schools’ cafeteria are offering low-calorie foods. A business desires to maintain the price of its commodities as perfect inelastic under all circumstances. Hence, the pricing strategies should not affect how customers view or purchase the specific ...

Two of the top companies in the low-calorie frozen, microwavable food industry

In modern life, people are becoming busier, thus, they spend very little time for traditional cooking. Due to growing demand for convenient food and thanks to the development of advanced technology, microwave becomes a useful and common tool in kitchen which helps people to save a lot of cooking time and effort as well as preserve the taste of food. The prevalent use of microwave in every household leads to the growing need for microwavable food. For this reason, many low-calorie frozen, microwavable food companies are found to provide high quality food with convenient way of cooking . At the ...

Abstract

Market structure refers to the interaction between various buyers and sellers. Different market structures have different characteristics. The characteristics of the market structure determine the realized outcomes. There are three main market structure: perfect competition, oligopoly, and monopoly. Perfect competition has many sellers. Therefore, they do not have any market power. They cannot influence market outcomes. An oligopoly has few firms with some market power. They can influence the outcomes. Monopoly comprises of only one firm with absolute market power. Therefore, it can influence the realized outcomes. This paper highlights the characteristics of the various market structures. It then ...

Tesla Motors Inc. is American energy storage and the automotive company that designs, manufactures and sells electric vehicle powertrain components and battery products. Tesla Motors is also a public company that trades on the NASDAQ stock exchange under the symbol TSLA (Carlson & Robertson, 2014). Tesla Motors company manufactures home and office battery charging equipment and has also installed a network of high-powered Superchargers across North America, Asia, and Europe. The company also operates a destination charging program where shops and restaurants among other venues are offered fast chargers for their customers. The market structure in which Tesla Motors competes ...

Description of Taxi service market structure in NSW

In this description, it is important to note that the taxi service plays a pivotal role in the transport industry in the NSW. It complements various other means of transport offered for the members of the public in the NSW region. The convenience of their almost spontaneous response and their ability to deliver door to door service to the public makes them very convenient (Abelson, 2008). The market in NSW is characterized by free entry into the market with the government only intervening in licensing of the taxis. According to the review of entry strategy to the market adopted ...

Kroger Grocery Store operates in oligopoly market structure where there are a few large companies. The companies operating are such a market offer very close products or goods. It is worth to note that the level of competition in the market is very high. This is because each company is ever committed to responding to the action taken by the other company operating in the same market. For instance, if one company in the market designs a new product with unique futures the other companies respond to that act very fast so as to enhance competitiveness in the market. ...

Introduction

The US and global consumers shows different consumer behavior for products. The economy possesses the largest technology companies such as Google Inc. and Apple Inc. in the world.

High consumption of technology products in the US and all over the world.

The mobile phone industry is very innovative and important to the society. Product that I will be looking at is the iPhone and its rising demand in the US market despite the increased competition from Samsung Inc. iPhone has acquired the largest market share in the United States in spite of its price.

The paper discusses about the key players in the industry and their impact on product pricing, demand and supply.

iPhone’s influence in the industry and the forces that drive the demand and supply of the product.

Analysis

...

Perfect competition market structures are rarely in reality, but very important to examine in theory, since their characteristics are found with no any other market structure. For instance, perfect competition markets attain a level of efficiency which is not exhibited in less competitive markets such as monopoly, monopolistic competition, and oligopoly (Glader, 2014). A perfectly competitive market is a market structure in which there are many firms, freedom of entry and exit, homogenous products and perfect information. Economic efficiency is defined into; productive efficiency –in which firms are required to produce at the lowest average total cost possible, and ...

The Name of Class

The Name of the School The City and States where it is located The petrol industry in the United Kingdom – UK, has seen various changes in the last ten to five years. The market shares and market structure will be examined in more detail for the last five years with representing the main changes in the petrol industry and market shares. The UK petroleum market is composed of various brands. Over the five years similar names have been present in the market. The shares of the petrol companies and retail companies have been changing along with the different composition ...

Month Day, Year

Introduction This purpose of this report is to an analysis different market structures in my local city. The report will assist my mayor to know the kind of businesses in the city. I will analyze the four market structures that I learned in class and then relate them to my local city. The market structures include monopoly, a situation in which there is only a single firm in a particular industry. Oligopoly is the second market structure, where there are a few enterprises and many buyers in a certain industry. The third is monopolist competition, whereby many sellers offer ...

Introduction

The present report delves into the expansion of Carrefour, a leading multinational retailer in the world, into the United Kingdom retail market. The first part of the report describes both the micro and macro environmental factors, which this multinational retailer ought to take into consideration to reduce its risk of failure in the UK market. The second section explains how the UK government policies on mergers and acquisitions can have an impact on Carrefour’s growth strategies in the United Kingdom. The third part elucidates how Carrefour’s management can utilize Kurt Lewin change model of unfreezing, change, and ...

Study

CONTENTS

Introduction 3

Question 1 – Market Structure Definitions 4 Question 2 – Unique Resources of Quasar Computers 5 Question 3 – Oligopoly and Competition 6 Question 4 –Porter’s Generic competitive strategies for different types of the market 6 Question 5 – Porter Five Forces Ranking and Attractiveness of Perfect Competition for Computer Industry 8 Conclusion 9

References 10

Introduction Throughout the history of the humankind, different markets have been tested by the economies (Frank, 2008). Despite the fact that advantages of ones and deficiencies of others types of market have been respectively eulogized or vigorously criticized by the different scholars, the practice ultimately revealed that ...

Introduction

A removal of the adverse practices of child labor forms the central goal of the International Labor Organization (ILO). There are more than one challenging illustrations pertaining to the poorest methods of child labor, which are elaborated in different economic studies. A research conducted by a group of scholars reveals that the assessment of the worst procedure is about child labor . The notion is found to be specifically significant due to the central objective of ILO to eliminate the adverse practices of child labor. The International Labor Organization in the year 1999 showed the initials on convention C182. The ...

Under monopolistic market structure, one seller dictates the conditions and prices. It means that the demand curve of the company is equal to the demand of the whole industry (Monopoly, n. d.). There are different types of monopolies. For instance, pure monopoly occupies the biggest market share. Any company that has more than 25% of share in the market may be categorized as a monopolistic entity (Monopoly, n. d.). This type of firm is prohibited by law in many countries. There is also a natural type of monopoly, which essentially means that the industry is characterized by high fixed ...

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Implications of market structure for business and consumers

In a nutshell, economists define a market structure as the characteristics of the market which encompass competitive and organizational characteristics. However, a salient feature used in describing market structures is the number of firms in the market, which in turn dictates the nature of competition and pricing mode. As such, there exist four market structures, which are oligopolistic, monopolistic, perfect competition, and monopoly market structures. Each of the four market structures reflects a generic characterization of a real type market (Nancy and Kamien, 1982). Undeniably, the market structures direct the behavior of firms in the market. ...

Introduction

In general, every firm possesses a specific market structure, which is mainly determined by the number of buyers, number of sellers, ease of entry or exit, and the degree of product differentiation (Arnold, 2010). The underlying determinants give rise to four types of market structures. These include perfect competition, monopoly, monopolistic competition, and oligopoly.

The short-run and long-run equilibrium for firms in a perfect competition industry is considerably different. Both short-run and long-run revenue data for a wheat farmer have been shown in table 1 and table 2 respectively.

In the long-run, it is assumed that the entry of new ...

Part A: Your Marketing Plan

Executive summary Business operations are dependent on effective planning. Admittedly, the most fundamental facet is marketing plan. As such, a marketing plan generates an overview of the approach that an organization will inculcate in ensuring brand growth, awareness and sales within the market of operation. Marketing plan necessitates an effective blue print that an organization incorporates towards sustaining profitability, shareholder returns and necessitating returns on the investments made. Accordingly, from the evaluation of AHA beverage company, a marketing plan forms a plausible tool towards the launching its AHA vitamin water. Thus, through the inculcation of the marketing plan, the organization will ...

GM is in the form of an oligopoly market structure this is where the companies are controlled by a few firms. This make it difficult for other firms to penetrate the industry because of the market barriers put in place (Dwivedi, 2010). In this market buyers are perfectly aware of prices, but there exist seller’s entry barriers. GM had been selling cars with faulty doors for the last three years. This is a clear indication that, GM market structure is not competitive. The situation is made worse by not having a firm that could have replaced GM faulty models. There is ...

Health Economics

Answer 1)

i) The maximum price which Celgene should spend is the intersection point of demand curve and marginal cost, as any consideration above this point will be above his ATC, and will bring losses for the firm.

Answer 2)

i) Annual Revenue of top four companies : 130+74+58+49= $311 Billion Total Revenue of all the companies in the industry: 130+74+58+49+34+17+14+13+10+271=$670 Billion Four-Firm Concentration Ratio: 311/670= 46.41%

ii) HHI: Note: HHI = Sum of square of market share of all the firms iii) As a basic rule, Justice Department always ...

Introduction

In the present business world the assumption is that firms would like to maximize profits, but in the real life maximizing profit has a great impact on the society and the economy (Wigley 1996). Firms are classified according to the type of market structure they belong to. There are four types of market structure; perfect competition, monopoly, monopolistic, and oligopoly. The main factors that influences a market structure are; the number of buyers and sellers, the degree of product differentiation, the knowledge of buyers and sellers regarding a commodity and the strengths of barriers to entry and exit. Different industries ...

Answer 1)

A monopoly is characterized by one seller, well define product that has no substitutes. For a firm to maintain its monopoly position, it is essential that the barriers to the entry to the market are high. Although, this kind of market structure leads to deadweight loss in the society by producing lower than efficient output, but still there are many instances as in case of natural monopoly, where a society is served better by the monopolist than a competitive market structure.

A natural monopoly exist in a industry where a single firm can produce output such as to supply the market at lower ...

Summary

Trading investment is growing at a faster rate and the market structure is changing fundamentally such that business people have indicated presence of low frequency trading opportunities (Maureen, 2014). The chances to purchase are not limited but buyers are few and this has tempted most investors to look for fatter gains. Consequently, this has created the need for implimenting smarter ideas inorder to survive in the market. In fact, by adopting business strategies which are appropriate for the better frequency in business world, investors can get reasonable gains. Otherwise most investments involve some degree of risks like the ...

Management

Introduction Coors is one of the largest brewing companies in United States and has maintained high production level since its establishment almost two hundred and thirty years ago. The company specializes in production of high-quality brewed malt in U.S. through various management strategies. Some of the important aspects of production used by Coors are a quality water-source selection, stringent processing standards, and a well-strategized cold filtering brewing approach. The high competitive advantage enjoyed by the company has enabled it expand its distribution to new markets within U.S. in order to gain a higher market share (Ghemawat, 1992; 1). The following discussion ...

- Introduction

IBM is a world leader company in information technology and stands as the largest revenue generating Company in its field. In the past 50 years, IBM has earned a place for itself as the pioneer in information technology developments and innovation. The Company manufactures products ranging from hardware to software for its impressive clientele around the world. These products are designed for another range of storage products, line of business servers, customized microchips including the application software. In addition to manufacturing, IBM also serves as a consulting and outsourcing agent. The new information age is quite challenging to compete ...

Monopolistic competitive markets and oligopoly are market structures. Monopolistic competitive market is a market structure with many buyers and sellers with differentiated products. The products are not close or perfect substitutes. In oligopoly, there are very few sellers in the market, therefore, becoming easier for them to inter relate easily with each other. (Tewari, 1996).The both have different features thus, becomes straightforward to distinguish them from each other.

An example of a monopolistic competitive market can be taken from the toothpaste industry. There are many different types of toothpaste and also many consumers. It is upon the strategies put in ...

Introduction

The analysis applies important microeconomic concepts capable of increasing the competitiveness of Kudler Fine Foods. Different organizations operate in different marketing structures depending on the type of business, size, and goods and products sold. According to Colander (2010), the four basic types of marketing structures that businesses currently operate on are oligopoly, monopolistic, perfect, and monopoly. Understanding competitive strategies adopted by Kudler Fine Foods assists in establishing the type of market structure where the company operates. Additionally, the analysis will discuss the effect of the chosen market structure on the organization and the relationship between the market structure and ...

The institutional affiliation

The four major market structures in the modern economic world are: perfect competition, monopoly, oligopoly, and monopolistic competition. Each one has strengths and weaknesses, opportunities and threats, so let us take a closer look at them.

Perfect completion is also called pure competition and is a benchmark where competition exists at its best level. Perfectly competitive market has large number of participants and none of them is large enough to influence the product price or its quality. In other words, there are so many sellers that neither price nor quality varies significantly. Pure competition market is easy to enter and exit ...

Introduction

The objective of any firm is to maximise profits and increase shareholders’ wealth. This objective can only be attained if the market structure is favourable for the operations of the firm. The market for low-calorie microwavable food has changed from perfect to imperfect competition. This paper discusses the effectiveness of the new market structure to the operations of the company. It also assesses the profitability of the firm based on the cost functions and the demand function from assignment. In addition, the paper explores was in which the company can improve its profitability as well as the circumstances under ...

Four Market Structures

Perfect Competition – In this first market structure, identical products are being sold according to their market value (financetrain.com). There are low entry barriers to this market in which the only factor that determines the sale is the price. Given that there is no producer that can affect prices, there is a horizontal demand curve for such market. One example of this market structure is an agricultural crop that is only produced in certain region.

Monopolistic Competition – This market structure is similar with Perfect Competition as it also has low entry barriers for numerous firms. However, products are differentiated ...

Objectives

- Compare various market structures and their characteristics.

This objective’s aim was to help understand the various types of market structures namely; Oligopoly, Monopolistic competition, Perfect competition, Oigopsony, Monopoly and Monopsony. In evaluating the achievement of this objective, the group notes that the greatest difficulty in differentiating the types of markets was in the competitiveness of the different market structures. However, it was also pointed out that this differentiation could be clearly outlined in a sequence grouping the markets from the most competitive to the least competitive.

In this sequence, the most competitive market was found to be the ...

ECO/365

In this paper, the student discusses the different market structures with focus on the oligopoly market. The student identified he food processing industry as an oligopoly industry dominated by PepsiCo, Kraft Foods, and Nestle. Moreover, competitive strategies are presented for the maximization of profits in the long run as well as the strategies that the chosen organization (PepsiCo) might consider in maximizing profits.

I chose the food processing industry for the purpose of discussion in this paper. There are three world leading companies under this industry namely, PepsiCo, Nestle and Kraft Foods. It is stated in the book Rule ...

A monopolistic competition market structure is one common structure in the current business and economic conditions. This kind of market structure incorporates the competitive market and monopoly market structures. It comprises the characteristics of both kinds of markets. The market comprises of many firms, all competing for the same consumer market. However, the goods produced by each of the firms in the monopolistic competition structure are slightly differentiated. These products are close substitutes to one another. This characteristic grants the firms in the market power to act like monopolies. There are many sectors or industries whose products markets are ...

About the paper

In the words of eminent economist, A.A. Cournot, ‘’ The term market structure refers to the nature and degree of competition in the market for goods and services’’, and this paper is commissioned to discuss various forms of market structure, Perfectly Competitive, Monopoly, Monopolistic and Oligopoly, and how their varied characteristics affect the life of an average consumer and the society as a whole.

Perfectly Competitive Market

In the words of A. Koutsoyiannis’’ Perfect competition is a market structure characterised by a complete absence of rivalry among the individual firms.”

Below discussed in detail are the multiple characteristics of perfectly competitive market:

i) Number and nature of sellers A perfectly competitive market structure is characterized by large number ...

Introduction

The objective of establishing a firm in any industry is to increase profit or provide services and products to the society. A company is established in a market where there is a niche since the management aims is to ensure that the company is sustainable in the long run. The structure that a company will adapt will depend on barriers that exist in the market. With the increased possibility of competition, every company’s management is in search of strategies to ensure they gain competitive advantage. Competitive advantage is attained when a company can manage to retain its market share despite the presence of ...

Abstract

The paper dwells on general equilibrium theory by putting into perspective various critical issues. The origin of the concept of general equilibrium theory is illuminated dating back to neoclassical period. Moreover, various models such as Walras model of pricing and modern equilibrium model is also put into consideration. Finally, the importance and application of general equilibrium has also been discussed at length. General equilibrium theory refers to a concept modeled around theoretical economics. The modern general equilibrium takes into consideration three important interpretations which should be taken into consideration. The idea of general equilibrium theory cannot be complete when there ...

INTRODUCTION

In this information age, the digital revolution has transformed the industry to an information based economy. Since the late 1970s, the day to day evolution of technology has shaped the modern society by introducing globalized communication. The UK mobile phone network industry is developing day by day by introducing the new-tech systems in the market. O2, Vodafone, EE, T-Mobile, and Orange are the biggest mobile phone network providers in the UK (Rushton, 2012). This report has presented a thorough economic analysis of mobile phone network industry in the UK, considering the biggest network providers in the country.

ANALYSIS OF MOBILE PHONE OPERATORS IN UK

Mobile Phone Network ...

Introduction

The paper will focus on fast food industry where the organization on the analysis is the McDonalds Company. To understand the activities of the business, it would be wise to evaluate the market structure of the industry. The analysis is useful in defining how the structure affects the operations of McDonalds Company. Different factors define the unique elements that are present in every market structure in terms of strategies for specific organizations in the industry. The success of McDonalds in the food industry depends on consideration of factors such as the type of goods or services produced, entry barriers, ...

INTRODUCTION

In order to come up with effective and efficient strategies, it is important to understand the dynamics of different market structures. Different market structures have different characteristics and features and operate differently. In this report, an attempt has been made to understand the different market structures and comments have been made on the different features and characteristics of these market structures.

MARKET STRUCTURE

A market is a group of individuals, firms and economic agents, who have interaction with each other as a buyer and seller. In economics market structures are defined into four main types, and that are perfect competition, monopolistic competition, monopoly, ...

Introduction

Comcast and Time warner Cable are two competitors in the provision of cables in the market. The two companies are selling the same product in the market on very competitive market forces. The two companies, therefore, merges in order reduce the competition and working together to achieve the same goals and objective since they provide the same products. When these two companies merge, the levels of competition in the market will reduce effectively enabling them to have almost full control of the market through monopoly. The mergers will be able to determine prices and provide products to the customers ...

There are four main market structures namely monopolistic competition, perfect competition, monopoly, and oligopoly. Perfect competition denotes situation where there are many sellers without variation within the product, no influence, or effect on price, and no price tag to exit or enter the market. Monopolistic competition market is the most common category of market structure. Monopolistic competition denotes many sellers with slight price variations within the product, less influence on cost that rely on advertising, and a low entry cost to the market. Oligopoly denotes market structure with few sellers having different products, actual cost of entering the market itself ...

Following the American Psychological Association’s Guidelines

Introduction Pricing strategy is an important decision for the companies. Price means the agreement or the balance point between suppliers and demanders. In another word, price exhibits who is (are) stronger in the market; it is the most important indicator in the market. The price occurs depending on the strength of the side in the market. The companies would like to have more power, and having more power in the market happens through controlling the price. Thus, if a company or a group of companies can control the market price, then they get the monopoly or oligopoly power. Subsequently, controlling ...

Apple Company is a multinational organization that is renowned for designing, developing and marketing consumer electronic devices. For instance, Apple Company's products comprise of iPod, iTunes, desktop computers, Mac laptops, the OS X operating system, iPad, and iPhone. The company operates under a competitive market structure due to high competition from rival companies. Some of the Apple's rival companies include Dell Company, Samsung Company, and Microsoft Company. A competitive market structure allows an organization to identify various marketing strategies that will facilitate in increasing the company's performance under stiff competition. Companies engage in the production of similar products and services as a ...

General Motor’s Chevrolet Volt

Product description and usage General Motors Corporation is a United States-based company that designs, manufactures and sell cars, trucks and automobile parts in the global economy with operations in almost every country. It has been in operation for the past 100 years having manufactured close to 450 million vehicles. Chevrolet is one of GM’s main products that is extensively used for transportation in the US. Chevrolet is easily identifiable among competing brands due to its distinctive bowtie emblem. Chevrolet Volt is a hybrid vehicle that runs on both electric and gasoline power. Currently, it is rated as the most ...

Introduction: The Theory

Gamblers fallacy is an argument that bases its argument on the occurrence of random events, in that if the occurrence of a certain event is frequent currently the there will be an infrequent occurrence in the future. The fallacy depicts that if something happens more often or if there is a positive performance, there will be a rare occurrence in the future, or the performance will be negative. The fallacy is based on independent events where the outcome of one event does not influence the other also called random events. The fallacy argues that if a certain outcome is favored then as you ...

There is no specific definition on “Economics” as every author has defined the concept of this field in somewhat different manner. Adam Smith and Alfred Marshall are known as the Father of Economics (FOE), and both of them have identified the concept of economics in a different and effective manner . According to their concepts, “Economics is the name of earning and consuming money” or “Economics is the name of how to earn the money and how to consume it”. It is one of those concepts, which has its active recognition in almost every walk of life. There are two ...

Market structures Franchise firms are granted the rights to operate their businesses in particular locations. They include companies dealing with fast foods, automobiles, financial services, cleaning and other products. The MacDonald’s is one of the largest franchise firms operating in the restaurant industry. The company deals in fast foods, with over 35000 branches worldwide. The firm, just like any other businesses is faced with stiff competition, but it has remained in the company due to the business strategies it employs to beat the competition. It advertises its products on the billboards, television, radio, newspapers, and it is involved ...