Chapter 7 Market Structures by Kylee Bailey https://padlet.com/513111/om8ltn654ryj Made with love en-us 2018-03-14 15:47:28 UTC 2024-05-25 10:34:50 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Thunder.png We can differentiate among four different market structures. One is called perfect competition; the other three are kinds of imperfect competition. 513111 https://padlet.com/513111/om8ltn654ryj/wish/241957888 2018-03-14 15:55:10 UTC https://padlet.com/513111/om8ltn654ryj/wish/241957888 Perfect Competition 513111 https://padlet.com/513111/om8ltn654ryj/wish/241959861   Large numbers of well-informed independent buyers and sellers who freely exchange identical products.]]> 2018-03-14 15:58:33 UTC https://padlet.com/513111/om8ltn654ryj/wish/241959861 Imperfect Competition 513111 https://padlet.com/513111/om8ltn654ryj/wish/241961065   Monopolistic Competition
Has all characteristics of perfect competition except product differentiation]]> 2018-03-14 16:00:40 UTC https://padlet.com/513111/om8ltn654ryj/wish/241961065 Imperfect Competition 513111 https://padlet.com/513111/om8ltn654ryj/wish/241962413   Oligopoly
A few very large sellers dominate the industry]]> 2018-03-14 16:03:00 UTC https://padlet.com/513111/om8ltn654ryj/wish/241962413 Imperfect Competition 513111 https://padlet.com/513111/om8ltn654ryj/wish/241963942   Monopoly
Only one seller for a particular product]]> 2018-03-14 16:05:22 UTC https://padlet.com/513111/om8ltn654ryj/wish/241963942 When one of the conditions necessary for competitive markets does not exist, market failures can occur. Markets usually fail because of five factors. 513111 https://padlet.com/513111/om8ltn654ryj/wish/241964971 2018-03-14 16:06:59 UTC https://padlet.com/513111/om8ltn654ryj/wish/241964971 The Five Factors of Market Failure 513111 https://padlet.com/513111/om8ltn654ryj/wish/241965450   -Inadequate information
  -Resource immobility
  -Externalities
  -Need for public goods
-Inadequate competition]]> 2018-03-14 16:07:51 UTC https://padlet.com/513111/om8ltn654ryj/wish/241965450 In order to carry out its legal and social obligations, the government can encourage competition and regulate monopolies. 513111 https://padlet.com/513111/om8ltn654ryj/wish/241966660 2018-03-14 16:10:10 UTC https://padlet.com/513111/om8ltn654ryj/wish/241966660 Government Roles 513111 https://padlet.com/513111/om8ltn654ryj/wish/241967046 -Restrict monopolies that hinder competition 
-Regulate monopolies that provide services
-Provide public disclosure to prevent market failures]]> 2018-03-14 16:10:59 UTC https://padlet.com/513111/om8ltn654ryj/wish/241967046