Ppt on monopoly market structure

Previous Conclusion  If markets are perfectly completive: All firms would be efficient. P would just be the Average Cost of production and firms will.

if prices or profits increase. When potential profits reach a certain level competitors are enticed to enter the market. Structure vs. Behavior  The structure of monopoly is, in itself, not a problem.  If potential rivals force a monopolist to behave like a competitive firm, then a monopoly imposes no cost on consumers or on society at large. Real World Examples: The Case of Microsoft Microsoft/


CHAPTER 7: MARKET STRUCTURES Economics Mr. Robinson.

they are one firm, a monopoly. As such they can set a monopoly price, produce a monopoly quantity, and allocate resources as inefficiently as a monopoly. A formal method of collusion, usually found among international produces is a cartel. Comparison of Market Structures Markets can be grouped into four basic structures: perfect competition, monopolistic competition, oligopoly, and monopoly Section 4: Regulation and Deregulation Market Power Market power is the ability of/


THE NATURE OF INDUSTRY. Approaches to Studying Industry The Structure-Conduct-Performance (SCP) Paradigm: Different structures lead to different conducts.

one-way causal link. –Conduct can affect market structure. –Market performance can affect conduct as well as market structure. Spectrum of Market Structures Based on Power of Buyers and Sellers 1.Monopsony (highest power of buyers) 2.Perfect Competition (Low power of buyers and low power of sellers 3.Oligopoly (Cartel) (medium power of sellers, low power of buyers) 4.Monopoly (highest power of sellers, low power of/


Market Structures. Market Structures Market structure refers to how the market is organized, based mainly.

competition Microsoft settled its case by changing the way it dealt with other software fiirms. http://www.bized.co.uk Market Structures Three types of legal monopolies: Resource monopoly – where firm controls key natural resources An example of a resource monopoly is De Beers (South Africa), a diamond mining company. De Beers owns the mines where diamond are found. By controlling this resource, De Beers/


CHAPTER # 7 Market & Market Structure Monopoly Oligopoly Technological Monopoly “Patent” Ex: Rubik’s Cube Government Monopoly Owned & operated by G Ex:

and competitiveadvertising. Easy to enter or exit 4. Easy to enter or exit the industry. Few restrictions exist. Monopolistic Competition Monopolistic Competition [element of monopoly [differentiation uniqueness] so called monopolistic competition] This is the most common market structure – over 99% of all firms. Examples of Monopolistic Competition Blue JeansGrocery StoresCandy Bars Dry CleanersRock ConcertsPizza Shoe StoresCassette playersChicken ToothpasteBook StoresSoaps and detergents RestaurantsVacuum/


Market Structures [How many sellers in each industry]

Appeals Dolce & Gabbana $3,000 [only at fine dept. stores] Escada $10,000 [available only at Nieman Marcus] Monopolistic Competition Monopolistic Competition [element of monopoly [differentiation uniqueness] so called monopolistic competition] This is the most common market structure – over 99% of all firms. Examples of Monopolistic Competition Blue JeansGrocery StoresCandy Bars Dry CleanersRock ConcertsPizza Shoe StoresCassette playersChicken ToothpasteBook StoresSoaps and detergents RestaurantsVacuum/


Perfect Competition and Monopoly. Alternative Market Structures.

Perfect Competition and Monopoly Alternative Market Structures Alternative market structures Classifying markets by degree of competition  number of firms  freedom of entry to industry  nature of product  nature of demand curve The four market structures  perfect competition  monopoly  monopolistic competition  oligopoly Features of the four market structures Alternative market structures Classifying markets by degree of competition  number of firms  freedom of entry to industry  nature of /


Market Structures Monopoly Chapter 7 Section 2. Market Structures Objectives: Describe characteristics and give examples of monopolies. Describe how monopolies.

prices. This means that the quantity of goods sold is lower than in a market with more than one seller. For this reason, the United States has outlawed some monopolistic practices. Market Structures All monopolies have one common trait – a single seller in a market. Different market conditions can create different types of monopolies. Market Structures If a firm’s start-up costs are high, and its average costs/


Market Structures Mods 61-63: Monopolies. Market Structure: Monopoly Intro to Monopolies Monopoly is exact opposite of perfect competition Monopoly

to the monopolist Consumer surplus is lost, deadweight loss is introduced…but profit gained for the monopolist Still losses outweight profit Market Structure: Monopoly Monopolies detract from welfare of society as a whole – why gov’t prevent/break-up monopolies Market Structure: Monopoly Natural Monopolies: What makes a monopoly natural? Monopoly in which increasing returns to scale ensure a bigger firm will have lower ATC AKA – fixed costs are so high/


3  Government can—and does—contribute to the economic efficiency of markets by providing infrastructure that permits markets to.

of individual member firms. A trust can, and often does act like a monopolist  In 1911, the U.S. Supreme Court determined that both Standard Oil and American Tobacco were structural monopolies in that each controlled over 90 percent of their markets.  In spite of this, they were not judged to have violated the antitrust legislation because of their/


CHAPTER 7: MARKET STRUCTURES SWS 2006 2 3 Quick discussion Why is competition in a market for a good so important? –What are some of the benefits of.

so important? –What are some of the benefits of competition in a market for a good? (example: phones) Market Structure Simulation Each of you have been grouped into a type of market structure –Perfect competition (cannot talk to each other) –Monopolistic competition (cannot talk) –Oligopoly (can discuss price, but can act on your own) –Monopoly (On your own) 3 rounds – I buy one piece of candy/


Chapter 7SectionMain Menu Video Market Structures.

of stock Monopolistic Competition Many Some Little Low Jeans, books Oligopoly Two to four dominate Some High Cars, movie studios Monopoly One None Complete Public water Comparison of Market Structures Markets can be grouped into four basic structures: perfect competition, monopolistic competition, oligopoly, and monopoly Chapter 7SectionMain Menu Want to connect to the PHSchool.com link for this section? Click Here!Click Here! Section 3 Assessment/


Copyright 2006 – Biz/ed Market Structure.

efficiency http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure More competitive (fewer imperfections) Perfect Competition Pure Monopoly http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure Less competitive (greater degree of imperfection) Perfect Competition Pure Monopoly http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure Perfect Competition Pure Monopoly Monopolistic CompetitionOligopoly Duopoly Monopoly The further right on the scale, the greater the degree/


Unit 3: Partners in the American Economy Chapter 7 -Market Structures "The inevitable tendency in capitalism is the accumulation of wealth. According.

? 69. For what 2 reasons might a business have difficulty entering an oligopoly market? Comparing Market Structures 70. Identify the advantages and disadvantages of each type of market structure by recreating Figure 7.5. Number of Sellers Type of ProductSellers’ Control Over Prices Barriers to Enter or Exit Market Perfect Competition Monopolistic Competition Oligopoly Monopoly Regulation and DeregulationToday 71. Define regulation 72. Define antitrust legislation 73. Define/


AGENDA Bellwork- Freyonomy Collect Honors Project Market Structures PPT Notes (pg. 1 of packet) Market Structures Reading Notes (pgs. 2-3 of packet) Review.

quiz How IP  Mastery Honors Cookie Project Collection Pass back Price Elasticity of Demand IP Standard 3 Market Structures Market economies are characterized by competition The effort of two or more people, acting independently, to get the business of others by offering the best deal Monopoly Only one seller- a single business controls the supply of a product that has no close substitutes Control/


24 - 1 Copyright McGraw-Hill/Irwin, 2002 Four Market Models Monopoly Examples Barriers to Entry The Natural Monopoly Case Monopoly Demand Monopoly Revenues.

- 3 Copyright McGraw-Hill/Irwin, 2002 Four Market Models Monopoly Examples Barriers to Entry The Natural Monopoly Case Monopoly Demand Monopoly Revenues & Costs Output & Price Discrimination Inefficiency of Pure Monopoly Price Discrimination Regulated Monopoly Key Terms Previous Slide Next Slide End Show MONOPOLY EXAMPLES Pure Monopoly Regulated Monopoly Near Monopolies Dual Objectives of the Study Monopoly as a Market Structure To Better Understand Other Market Structures 24 - 4 Copyright McGraw-Hill/Irwin/


1.5.3 Pure Monopoly Monopoly Price discrimination Monopoly Online:

Will achieve both allocative and productive efficiency in the long-run Will achieve neither allocative nor productive efficiency in the long-run Introduction to Monopoly 1.5.3 Pure Monopoly Introduction to Monopoly Introduction to Pure Monopoly Pure monopoly is a market structure in which there is only ONE dominant firm which sells a unique product, has price-making power and in which there are significant barriers/


Unit Six, Lesson One Economics

on a nonprice basis with advertising or other product differentiating. Oligopolists maximize profits where MC=MR. Monopolies Monopolymarket structure with only one seller of a particular product Very few monopolies exist in the U.S. because of anti-trust laws—laws that outlaw monopolies. Types of Monopolies Natural monopoly—a market situation where the costs of production are minimized by having a single firm produce the product. Examples/


Economics: Principles in Action

. Cartels A cartel is an association by producers established to coordinate prices and production. 1 2 4 Chapter 7, Section 3 Comparison of Market Structures Markets can be grouped into four basic structures: perfect competition, monopolistic competition, oligopoly, and monopoly Comparison of Market Structures Number of firms Variety of goods Control over prices Barriers to entry and exit Examples Perfect Competition Many None Wheat, shares of stock/


Industrial Organization, Defined Industrial Organization: The study of the structure of firms and markets and of their interactions. Market Structure -

increases, the price elasticity will decrease. Demonstrate graphically and mathematically the impact product differentiation has on own-price elasticity. Perfect Competition & Monopoly Definitions Perfect Competition – A market structure characterized by a large number of buyers and sellers of an identical product. Monopoly – A market structure characterized by a single seller of a highly differentiated (unique) product. Price Taker vs. Price Maker Price Taker – Buyers and sellers/


2. How a monopolist determines its profit-maximizing output and price

discrimination is, and why it is so prevalent when producers have market power Chapter 13 Monopoly Types of Market Structure In order to develop principles and make predictions about markets and how producers will behave in them, economists have developed four principal models of market structure: perfect competition monopoly oligopoly monopolistic competition Types of Market Structure This system of market structures is based on two dimensions: 1) the number of producers in/


Copyright 2006 – Biz/ed Chapter 7: Market Structures.

efficiency http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure More competitive (fewer imperfections) Perfect Competition Pure Monopoly http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure Less competitive (greater degree of imperfection) Perfect Competition Pure Monopoly http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure Perfect Competition Pure Monopoly Monopolistic Competition Oligopoly Monopoly The further right on the scale, the greater the degree/


Economics of R&D. Innovation, Incentives and Market Structure  The incentive to innovate  In a pioneering article published in 1962, Kenneth Arrow asked.

production cost of an item from C to c  We will consider first the socially optimal amount of R&D, and then look at what happens under monopoly market structures, and then under competition Innovation, Incentives and Market Structure  Social Optimum  We denote the demand for the industry output by D(p) when prices are p.  Assuming that the social planner’s incentive to innovate/


Chapter 7 MARKET STRUCTURES Monopoly & Oligopoly

regular price and offer discounts. Example: Senior citizen discounts on movie tickets. Section 3: Monopolistic Competition & Oligopoly Most markets are NOT monopolies or perfect competition types. The most popular market structures fall under TWO categories: Monopolistic Competition, and Oligopoly. Monopolistic Competition Monopolistic Competition is a market structure in which many companies sell products that are similar but not identical. Example: JEANS: All jeans are considered denim/


Competition and Monopoly HSPM 712. Competition How supply and demand work – How “efficient” a market is – As well as how equitable … depends on competition.

issue.) Concentrate political power. Antitrust laws Laws against monopolies in the United States: Sherman Act of 1890 Clayton and Federal Trade Commission Acts of 1914. Sherman Act The Sherman Act of 1890 makes it illegal to "monopolize, or attempt to monopolize,... any... trade or commerce..." This law is aimed at market structure. The U.S. Justice Department has the responsibility for enforcing this/


Competition and Monopoly HSPM 712. Competition How supply and demand work – How “efficient” a market is – As well as how equitable … depends on competition.

issue.) Concentrate political power. Antitrust laws Laws against monopolies in the United States: Sherman Act of 1890 Clayton and Federal Trade Commission Acts of 1914. Sherman Act The Sherman Act of 1890 makes it illegal to "monopolize, or attempt to monopolize,... any... trade or commerce..." This law is aimed at market structure. The U.S. Justice Department has the responsibility for enforcing this/


1 Monopoly 2 Four Basic Market Structures u Perfectly Competitive: many firms, identical products, free entry and exit, full and symmetric info u Monopoly:

but each supplier’s product is differentiated. u Consumers can be induced to change brands but they have brand preferences. 7 Question u What is the market structure for each of these products or firms: competitive, monopoly, oligopoly, monopolistic competition? –The Campus Store –Kinko’s –Pepperidge Farm’s Whole Wheat Bread –PowerMac computer –Windows computer –NYSEG (electricity utility) –Morton salt –AT&T long/


CONTEMPORARY ECONOMICS

the features of perfect competition. Describe the barriers to entry that can create a monopoly. Compare the market structures of monopoly and perfect competition in terms of efficiency. 7.1 Perfect Competition and Monopoly Key Terms market structure perfect competition commodity monopoly market power barriers to entry 7.1 Perfect Competition and Monopoly Market structure—important features of a market, including the number of buyers and sellers, product uniformity across sellers, ease of/


Factor Markets and Vertical Integration

until the wages were equalized. © 2007 Pearson Addison-Wesley. All rights reserved. Thus the firm’s marginal revenue product of labor function is Effect of Monopolies on Factor Markets--Market Structure and Factor Demands Factor demand curves vary with market power. The marginal revenue of a profit-maximizing firm is . Thus the firm’s marginal revenue product of labor function is © 2007 Pearson Addison-Wesley/


©2005, Southwestern Slides by Pamela L. Hall Western Washington University Monopoly and Regulation Chapter 12.

means earning only a normal profit 26 Welfare Loss from Monopoly Power Major objective of economics is to improve social welfare Thus, market structures that result in economic inefficiency are considered inferior  Specifically, a monopoly market structure is inferior to a perfectly competitive market structure based on monopolies’ inefficiency Monopoly is efficient in terms of both technical and allocative efficiency Monopoly will produce on production frontier (technical efficiency) and employ least/


Review of Principles of Microeconomics. 2 of 34 Three fundamental concepts: – Opportunity cost – Marginalism, and – Efficient markets To Learn A Way Of.

the segment of the demand curve that lies exactly above it. 100 of 26 Price and Output Decisions in Pure Monopoly Markets The Monopolist’s Profit-Maximizing Price and Output  FIGURE 13.5 Price and Output Choice for a Profit- Maximizing/where a relatively small number of firms control the marketplace, actually increases the rate of technological advance. 112 of 24 Market Structure in an Oligopoly TABLE 14.1 Percentage of Value of Shipments Accounted for by the Largest Firms in High-Concentration Industries,/


Business Organizations, Competition and Market Structure Unit 2 This unit explains how to start a business, the different ways businesses are organized.

a computer do it faster? 3.Is what I am offering in demand in the age of abundance? Economists group industries into six different market structures  Pure/perfect competition  Monopolistic Competition  Oligopoly  Monopoly  Monopsony  Oligopsony Pure or perfect competition A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price-takers. 3. All/


Unit Three: Lesson Three-Monopolies Kirby World History CHS.

trim, & come in only one width. Be smart. Buy a dumber shoe. You’ll save more than $150. Monopolistic Competition Monopolistic Competition [element of monopoly [differentiation uniqueness] so called monopolistic competition] This is the most common market structure – over 99% of all firms. Examples of Monopolistic Competition Blue JeansGrocery StoresCandy Bars Dry CleanersRock ConcertsPizza Shoe StoresCassette playersChicken ToothpasteBook StoresSoaps and detergents RestaurantsVacuum CleanersFurniture/


Chapter 6 The Two Extremes: Perfect Competition and Pure Monopoly.

the product or service that it sells Copyright © 2008 Pearson Addison Wesley. All rights reserved. 24-5 Characteristics of a Perfectly Competitive Market Structure (contd) Price Taker  A competitive firm that must take the price of its product as given because the firm cannot influence its price/ rights reserved. 6-102 Key Terms and Concepts barriers to entry economies of scale government monopoly marginal revenue market structure natural monopolies patent perfect competition price setter price taker pure/


Monopoly Chapter 7 Copyright © 2011 by The McGraw-Hill Companies, Inc. All Rights Reserved.McGraw-Hill/Irwin.

no cost on consumers or on society at large. The experience with the Model T suggests that potential competition can force a monopoly to change its ways. LO-5 7-38 Flying Monopoly Air Market structure explains why it can be cheap to fly to one place and expensive to fly somewhere else of equal distance. From a national perspective, the airline industry looks/


CHAPTER 7 Market Structure – the nature and degree of competition among firms operating in a given industry.

information. In general, as competition increases, what happens to price? It decreases. Types of Market Structures: Perfect Competition Monopolistic Competition Oligopoly Monopoly PERFECT COMPETITION: Many producers sell the same UNDIFFERENTIATED products Individual firms are too small to /down so low that they just cover the most-efficient costs of production PERFECT COMPETITION: MONOPOLY A market structure with NO competition. Only one seller of a particular good/service A unique product/service Controls/


Begin2 Market4 Shifts5 M & M3 Adjustment6 LaborEnd 1 Session 10 Resource Markets Chapter 10 and 11 in the text Right mouse click to advance, or Use the.

(5) decreasing average total cost. Source of the material in the Monopsony slides Begin2 Market4 Shifts5 M & M3 Adjustment6 LaborEnd 31 5.1a Modern Monopsony Like other extreme market structures (perfect competition and monopoly) monopsony is only approximated in the real world. Achieving the status of THE ONLY BUYER is not easy. Few if any buyers actually achieve this status. However, several have/


Economics Chapter 7 Market Structures. Perfect competition is a market structure in which a large number of firms all produce the same product. There.

sell at the same or similar prices. Cartels A cartel is an association by producers established to coordinate prices and production. Comparison of Market Structures Markets can be grouped into four basic structures: perfect competition, monopolistic competition, oligopoly, and monopoly Comparison of Market Structures Number of firms Variety of goods Control over prices Barriers to entry and exit Examples Perfect Competition Many None Wheat, shares of stock/


The Monopoly Market power Monopoly equilibrium Welfare aspects.

Demand mR Graphical construction of mR The slope of the mR curve is twice that of the demand curve The Monopoly Market power The market equilibrium under a monopoly Welfare aspects of the monopoly The monopsony The market equilibrium under a monopoly The monopoly is an extreme case. It corresponds to the following market structure : 1. A single producer 2. Homogeneous products 3. No entry of competing producers on the/


How Businesses Compete Chapter 11. Competition Market Competition- When businesses compete with one another to excel in free markets. Market Competition-

seeks out the right price to charge for their good (Monopolistic Competition, Oligopoly, & Monopoly) B) Price searcher-a business who goes into the market and seeks out the right price to charge for their good (Monopolistic Competition, Oligopoly, & Monopoly) Types of Market Structure 1. Pure Competition- Characteristics 1. Pure Competition- Characteristics a. many buyers & sellers (literally 1000s to millions) a. many buyers & sellers (literally 1000s/


Assessing Monopoly Power in Abuse of Dominance Cases Eric Emch, OECD 1.

II. Structural evidence of monopoly power III. Direct evidence of monopoly power IV. Final thoughts 2 Definitions Market power: Roughly, ability to price above short- run cost in some market, often limited to marginal cost. Most firms have some market power,/OS (from 2004 decision), direct factors –“Microsoft’s financial performance is consistent with its near-monopoly position in the client PC operating system market.” Cites 81% profit margin for client OS software –Linux is free, “no significant difference/


Chapter 7 Market Structures Hello! Market StructureMarket structure refers to the ways that competition occurs, based on the number of firms, the.

, based on the number of firms, the similarity of the products being sold and the ease of entry for new firms or exit for existing firms. ► Four Basic Structures *Perfect Competition*Monopoly *Monopolistic *Oligopoly Market Structure Buyers / sellers BarriersEntryProduct Competition/ control over prices PerfectMany buyers and sellers NoneEasyIdentical = commodity Lots of competition / price takers MonopolyOne seller / many buyers Lots!!! Ex. Start up cost, technology/


11 - 1 Copyright McGraw-Hill/Irwin, 2005 Four Market Models Monopoly Examples Barriers to Entry The Natural Monopoly Case Monopoly Demand Monopoly Revenues.

- 3 Copyright McGraw-Hill/Irwin, 2005 Four Market Models Monopoly Examples Barriers to Entry The Natural Monopoly Case Monopoly Demand Monopoly Revenues & Costs Output & Price Discrimination Inefficiency of Pure Monopoly Price Discrimination Regulated Monopoly Key Terms Previous Slide Next Slide End Show MONOPOLY EXAMPLES Pure Monopoly Regulated Monopoly Near Monopolies Dual Objectives of the Study Monopoly as a Market Structure To Better Understand Other Market Structures 11 - 4 Copyright McGraw-Hill/Irwin/


Copyright 2006 – Biz/ed Market Structure How Businesses Compete.

efficiency http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure More competitive (fewer imperfections) Perfect Competition Pure Monopoly http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure Less competitive (greater degree of imperfection) Perfect Competition Pure Monopoly http://www.bized.co.uk Copyright 2006 – Biz/ed Market Structure Perfect Competition Pure Monopoly Monopolistic CompetitionOligopoly Duopoly Monopoly The further right on the scale, the greater the degree/


Chapter 7SectionMain Menu Perfect competition is a market structure in which a large number of firms all produce the same product. 1. Many Buyers and Sellers.

of stock Monopolistic Competition Many Some Little Low Jeans, books Oligopoly Two to four dominate Some High Cars, movie studios Monopoly One None Complete Public water Comparison of Market Structures Markets can be grouped into four basic structures: perfect competition, monopolistic competition, oligopoly, and monopoly Chapter 7SectionMain Menu Want to connect to the PHSchool.com link for this section? Click Here!Click Here! Section 3 Assessment/


The Monopoly Market power Monopoly equilibrium Welfare aspects.

Demand mR Graphical construction of mR The slope of the mR curve is twice that of the demand curve The Monopoly Market power The market equilibrium under a monopoly Welfare aspects of the monopoly The monopsony The market equilibrium under a monopoly The monopoly is an extreme case. It corresponds to the following market structure : 1. A single producer 2. Homogeneous products 3. No entry of competing producers on the/


Market Structure. Learning objectives: Explain the characteristics of different market structures. To understand the advantages and disadvantages of different.

Pricing 1. To destroy the sales of competitors Market Structure More competitive (fewer imperfections) Perfect Competition Pure Monopoly Market Structure Less competitive (greater degree of imperfection) Perfect Competition Pure Monopoly Market Structure Perfect Competition Pure Monopoly Monopolistic CompetitionOligopoly Duopoly Monopoly The further right on the scale, the greater the degree of monopoly power exercised by the firm. Market Structure Characteristics: Look at these everyday products – what/


1 © 2015 Pearson Education, Inc. Chapter Outline and Learning Objectives 15.1Is Any Firm Ever Really a Monopoly? 15.2Where Do Monopolies Come From? 15.3How.

resulting quantity Q R is hopefully close to the efficient level, keeping deadweight loss small. Regulating a natural monopoly Figure 15.7 35 © 2015 Pearson Education, Inc. Common Misconceptions to Avoid Monopoly is a market structure; natural monopoly is a reason the monopoly market structure might exist. Monopolies need not be natural monopolies. No monopolist, not even a natural monopolist, tries to minimize cost. MC = MR guides an (unregulated) monopolist/


6. COMPETITION, CONCENTRATION AND MARKET POWER IN TRANSPORT.

effect of actual competitors on a firm’s pricing behavior is stronger. Summary (10)  Under regulation, motor carriers in general and the less- than-truckload sector in particular characterized a monopoly market structure with positive economic profits. Empirical studies indicate that operating certificates had a positive value, consistent with making economic profits, and that the value of these certificates depended upon the level/


Competition and Monopoly HSPM 712. Competition – In the supply/demand model Competition is what makes the price move towards the equilibrium price.

one seller. It comes from Greek words meaning one (mono) seller (polein, which is Anglicized to "poly"). The correct term for a "buyers monopoly," where there is only one buyer, is "monopsony." In-between forms of market structure Monopolistic competition Many sellers, but each with a downward-sloping demand curve Restaurants, for example Oligopoly a few sellers The automobile industry is an example/


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