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This is when in a market both buyers and sellers are very numerous
Examples of a perfect competition is something like coca cola, pepsi and soda in general. they are very similar but no matter what there will always be a huge amount of companies that will make soda and the amount of different sodas that will crop up constantly will continue to spread out.
A perfect Competiton has a large number of business with no barriers to entry. The product are identical and because of this bussiness have zero control over price
there are advantages in perfect competition that effect the market around it. Some are the fact that no matter who you are you can easily find something you will be intrested in. As for disadvantages is it can be difficult to start a buisness when there are so many around you that could be doing the same exact thing.
Is when many companies offer competing good or sevices that are simalar but not identical.
There are many Monopolistic Competition with few barriers to entry. Product produced by Monopolistic Competition are simalar but have differences. Because of this there is sme price control but not very much
Advantages to having monopolistic competition is the fact you can pick where you would like to shop, eat, hang out ect. While they all do the same thing you have many opportunities to find out places you would rather go. Though some disadvantages are that these buisnesses and companies will have to constantly spend large sums of money defending their establishments from competitors and rivals i in the vast market they find themselves.
Monopolistic competition is vast when it comes to examples. Some examples are things like resturants, hair salons, clothing stores and general shops. All have completely different styles but all share a smiliar goal and product.
This is when the market has a small number of producers
There are few businesses in Oligopolyand because of that there are many barriers to entry. Oligopoly have differentiated product, they differ but serve simalr purposes. There is lots of control in prices in an Oligopoly market
The advantages of an Oligopoly is low amount of competions and the potention for high profit
The disadvantages is because of the few business consumers have less of an options for products. Oligopoly also have the possibleity for collusion.
Examples of Oligopoly markets are things like gaming consoles, cars and streaming services. When it comes to oligopolies it's mostly based of branches from bigger companies like sony, microsoft and amazon.
The complete control over the supply of a good or service
There is only one business in a Monoply, Making the barriers to entry almost impossible. The products are nothing alike and are one of a kind. Because of this the Monoply has comeplete control over prices
The advange for the producer is guaranteed consumer because they are the only business with that product in the market. This also means the producer will get a high profit
The disadvange is consumers will have high prices and less choices. If they product is not a good quality the consumer still has to buy it
Some examples of a monopoly are companies
that usually specialize in resources like fuel, steel and tobacco. Along with resources there is also food based monopolies like lays.