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perfect competition - the market. structure with no barriers, homogenous product, no barriers. to entry or exit, perfect information and infinite number of. firms and consumers

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perfect competition - the market. structure with no barriers, homogenous product, no barriers. to entry or exit, perfect information and infinite number of. firms and consumers

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Explain why firms in oligopolistic markets may prefer to use price and non-price competition. [10]

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Explain why firms in oligopolistic markets may prefer to use price and non-price competition. [10]

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characteristics of a market that determines firm behavior

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monopolistic competition - is the market structure 

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monopolistic competition - is the market structure 

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a market structure in which
- one dominant firm exists in the market (25%+)
- goods are differentiated
- high barriers to entry and exit
- imperfect information/knowledge of the market
- firms are profit maximisers

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Using RWEs, discuss the reasons why firms compete or collude in oligopolistic markets. [15]

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Using RWEs, discuss the reasons why firms compete or collude in oligopolistic markets. [15]

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a market structure in which
- few large firms dominating the market
- goods are differentiated
- high barriers to entry and exit
- interdependence
- non-price competition (advertising, branding)
- objective of olygopolists is unknown

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Oligopoly theory: definition, overall
Competition: diagram, explanation
RWE
Pros
Cons
Collusion: diagram, explanation
RWE
Pros
Cons
Conclusion

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Definitions
Figure and description
Explaining non-price competition
Give a RWE
Explaining price competition
Give a RWE
Conclusion

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Using RWEs, discuss the view that monopolistic competition is amore desirable market structure than oligopoly. [15]

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Using RWEs, discuss the view that monopolistic competition is amore desirable market structure than oligopoly. [15]

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Explain why, in monopolistic competition, abnormal profits can be made in the short run and normal in the long run. [10]

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Explain why, in monopolistic competition, abnormal profits can be made in the short run and normal in the long run. [10]

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Monopolistic competition: definition, explanation, diagram, RWE
Pros
Cons
Oligopoly: definition, explanation, diagram, RWE
Pros
Cons
Conclusion

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The market of Tuk Tuks in India and Thailand fit many characteristics of perfect competition. Static efficiency being achieved but not dynamic efficiency over time.

Large fruit and vegetable markets and fish markets. With a high number of buyers and sellers who sell homogenous products.

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Using RWEs, examine the view that the market for food is more beneficial to consumers if dominated by a monopoly retailer (supermarket) rather than by a large number of small shops operating under monopolistic competition. [15]

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Using RWEs, examine the view that the market for food is more beneficial to consumers if dominated by a monopoly retailer (supermarket) rather than by a large number of small shops operating under monopolistic competition. [15]

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Definitions
Figure of the short run and shift to the long run and description
Explaining short run
Give a RWE
Explaining the idea about new competitors
Conclusion

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fixed costs - costs that do not vary with output

variable costs - costs that rise with output

average costs - costs per unit of output

economies of scale - decreasing average costs of production with an increase in scale of operations

economic profit - the difference between total revenue and economic costs

revenue - the income a firm receives from the sale of its goods in a given period of time

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profit maximisation - MC = MR
revenue maximisation - MR = 0
sales maximisation - AR = AC

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Monopolistically competitive retail and fashion industry  in the UK. There are many sellers , each slightly differentiated goods with low barriers to entry. Brands such as Zara, Old Navy, Fashion Nova, and Urban Outfitters compete heavily on non-price factors including product quality, branding, shopping experience. Moreover, there is dynamic efficiency as due to competition firms reinvest an innovate.

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is needed to promote competition, make markets work better and to improve the efficiency and competitiveness of the economy

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Examples of monopolies include Luxottica, Microsoft, Google, Patents, AT&T, Facebook, and railways.

Microsoft is a computer and software manufacturing Company. It holds more than 75% market share and is the tech space’s market leader and virtual monopolist.

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supernormal profits attract new and more efficient firms into the industry which will drive out the less efficient incumbent firms who are unable to compete. existing firms shutting down will increase unemployment, causing problems for the government.

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Water companies in the UK are examples of natural monopolies with very high fixed costs of building and maintaining pipe infrastructure as well as water treatment infrastructure allowing them to benefit from economies of scale.

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Price rigidity is the phenomenon in which prices of goods and services do not adjust immediately or fully to changes in market conditions such as changes in supply or demand

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anything that can prevent a firm from entering an industry and beginning production, as a result limiting the degree of competition in the industry.

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allocative efficiency - an allocation of resources that results ni producing the combination and quantity of goods and services mostly preferred by consumers, the condition is given by MSB= MSC
productive efficiency - condition AC = MC
X-efficiency - being on AC curve

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Price regulation
The big six energy companies in the UK collude together, restricting market competition. Since 2019 prices for energy on variable rate tariffs are capped to protect consumers, especially those on low incomes.
- As a result, 11 million people saved an average of £76 per year.
- Typical energy usage should cost no more than £1.137 per year.

Quality control
Train companies and airlines have performance targets to restrict the amount and length of delays that affect consumers. Train companies are forced to pay compensation if the train is delayed by 30 minutes and airlines are forced to pay compensation if flights are delayed and passengers arrive 2 hours later than scheduled.

Windfall taxes
In 2007 a windfall tax on oil in Alaska was imposed. The state's total oil revenue exceeded $10 billion in 2008, which was spent on other forms of regulations or public services.

Merger policy
In 2019, the EU Competition Commission blocked a proposed merger between train manufacturers Alstom of France and Siemens of Germany given serious competition concerns against the public interest and higher prices expected for both signals and trains that firms produce.