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Health economics, market structures, government interventions - Assignment Example

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These four market structures include perfect competition, monopolistic competition, oligopoly and monopoly. The distinct characteristics of each market structure are defined as follows (Froyen, 2009): PERFECT COMPETITION: Many firms offer similar product…
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Health economics, market structures, government interventions
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"Health economics, market structures, government interventions"

Download file to see previous pages MONOPOLISTIC: Share the feature of monopoly and perfect competition. Similar purpose products are differentiated by many firms operating in market. Low entry and exit barriers welcomes new participants with high profits in short run. Participants gain profits various innovations in products. OLIGOPOLY: Market is based on few dominant firms offering similar but high level of differentiated products with innovation. Firms with dominance create barrier to entry exist with extensive control over price. Despite control of firms, prices are dependent on peer firms’ decision in market. MONOPOLY: Only one firm provides goods and services. Least differentiated product but control over price is enjoyed by the firm. Industry has high level of barrier to enter and exit from market. Profits are enjoyed by firm with constantly increasing economies of scale. ANSWER #2 The monopolistic competition is a type of competition that share features of two extreme types of competition being perfect competition and monopoly. Many firms are present like perfect competition while products are differentiated like monopoly form of market structures such as movies etc. In short run monopolistic industry gets attractive by offering positive profits to participant firms and new firms enter to the market in long run. It is also due to due to no to low barrier of entry and exit in the market like perfect competition. Prices continue to increase over marginal cost in similar fashion as in case of monopoly competition. Profit maximization in monopolistically competitive market requires marginal revenue to equate marginal cost while downward slope of the demand curve takes marginal revenue lower than price. Also entry of new firm results in increased supply of differentiated products resulting in shift in the demand curve. Sharing the feature of perfect competition, price is determined at point equal to average total cost. This price is similar point where demand curve is tangent to average total cost. At this point industry offers zero economic profits and hence does not attract new participants due to zero economic profits (Gartner, 2009). ANSWER #3 Public goods are defined as set of goods having following two distinct characteristics of non-excludability and non-rival consumption. Non-excludability feature refers to the fact that usage or benefit of public goods gained by certain peoples does not result in prevention of its benefits offered to others. Non-rival consumption features of public goods refer that irrespective of consumption of public goods by certain people availability of amount or level of benefit to others is not reduced. These feature contrast public goods from the private goods. The example of public goods includes services of disaster management cells managed by government, roads and street lights etc. The feature of non- excludability results in facilitation of products to all even those who bear no financial cost. All financial cost bearers and non-bearers enjoy equal benefit of public goods irrespective of tastes and preferences and diminishing value. Such facilitation results in free-riders problem in economy. People gains confidence of availability of the goods even without paying for and hence tend to adopt trend of not paying for such services. This trend presses the increased burden on payer of such facilities. Such features of publi ...Download file to see next pagesRead More
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