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Street Food Sellers - Research Paper Example

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Summary
Perfect competition according to some economists is the most desirable market model but it is also almost non-existent in the modern world today. Perfect competition can be defined as a market structure characterized by a large number of buyers and sellers in a market which consists of goods which are homogenous in nature (every good is a perfect substitute of the other good)…
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Street Food Sellers
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Street Food Sellers

Download file to see previous pages... There are numerous people who sell street food in developing countries and mostly the goods are homogenous is nature , each person will sell the exact same good which is going to be a perfect substitute to market competitors. A large number of producers is also going to determine that one producer or consumer cannot influence the market price. A producer who wishes to increase the price cannot do so as consumers are going to shift to the other business selling street food at cheaper rates. A single consumer cannot influence market price as well, they can signal to the producer as to how much to produce but one consumer cannot dictate market price. The producer has to keep equilibrium at the efficient output. The producer must minimize costs in order to sell at a competitive price in the market. Each producer has a small market share due to the perfectly competitive nature of the goods, one producer will not be able to secure a larger market share due to the same reason it will not be able to affect market price. ...
The reason why Street Food sellers in developing countries is an example of perfect competition is due to the fact that the business face the same characteristics of perfect competition and hence is declared to fall under that category. Monopoly – A monopoly is a market structure which is characterized by the domination of one firm in the market share of good producing differentiated goods with significant barriers to entry. An example of a monopoly business is South West Gas in Arizona which is a monopoly due to the reason that it falls under the same characteristics as that of a monopoly as it is shown below Since it is the only gas provider in the region the market is dominated by the business .Some characteristics include that there is an in-elastic demand for its product, for example if South West Gas decides that it is going to increase the price of its goods the consumption of that good will not decrease due to a lack of substitutes of that good. There are no or very few substitutes of gas, so the business can afford to charge high prices without the fear of the consumers shifting to an alternate good. There is no interdependence on other firms / competitors since it is the largest and only gas provider in the region it does not have to account for the competitor’s actions before devising a market strategy. There are numerous barriers to entry in the market , one due to the economies of scale enjoyed by the monopoly the new firm ( even if it enters the market) cannot rival South West Gas for prices as the monopoly has the advantages of lower costs. Another barrier to entry is the obvious utilization of gas resources in the land by the ...Download file to see next pagesRead More
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