Economic Project Jones

By alejogorricho | Updated: March 21, 2023, 6:59 p.m.

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Sh
HI, WE ARE
Christian Giron

Alejandro Gorricho
And today we want to learn about the 4 types of market structures
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
We well look at:

-Number of Sellers
-Barriers Entry
-Price Control
-Product Differentiation
-Absolute Barriers of Entry
-Just one seller
-Seller determines prices
-Usually one single standardized product
Monopoly
-Absolute Barriers of Entry
-Just one seller
-Seller determines prices
-Usually one single standardized product
Monopoly
Means you cant enter the market or start business
Means you cant enter the market or star business
Theres only seller, who controls all prices and offers only one product
Which makes the seller all powerful to make decisions
However, sometimes the government maintains and regulates monopolies
For example, only the government can sell alcohol in Colombia
And sometime monopolies develop naturally, like with electricity and roads
-Has two or more sellers
-High Barriers of Entry
-Most of the times comepete to lower prices
-Products are slightly different from each other
Oligopoly
-Has two or more sellers
-High Barriers of Entry
-Most of the times comepete to lower prices
• Action 4: (insert description)
Oligopoly
make it difficul, but not impossible, to enter the market
-Which is why it only has a few big sellers
These sellers compete by loweiring prices
Or by selling a slightly different product
• No Barriers of Entry
• Number of Sellers Remain the same
Prices remain the same
• Products are all the sames
Perfect Competition
• No Barriers of Entry
• Number of Sellers Remain the same
Prices remain the same
• Products are all the sames
Perfect Competition
Means you can enter the market easily
• HOWEVER, every single product and price is the same
And there would never be something different
Which can be frustating
Example is agricultural markets (Since food is essential good)
• Multiple Sellers
• Low barriers of entry
• Competitors compete for sales
• Each product is somewhat unique
Monopolistic Competition
• Multiple Sellers
• Low barriers of entry
• Competitors compete for sales
• Each product is somewhat unique
Monopolistic Competition
Means you can enter the market easier
Providing many different unique sellers
Sellers compete for sales, and set prices
50
40$!
45$!
Best I can do is 2$
And All products are unique from each other
GOOD LUCK ON THE MILESTONES!
THANK YOU

Economic Project Jones

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