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The Concept of Market Structure - Coursework Example

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"The Concept of Market Structure" paper argues thta in most of the case market monopoly is not desirable to the consumers. It will avoid the chances of the customers to compare and contrast with the quality and prices of the product. The monopolized product may always be of a higher price…
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The Concept of Market Structure
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Download file to see previous pages It has had a long tradition in marketing. Some of the brands have a monopoly in market share and hence the competitors find it difficult to compete with such brands. Market monopoly is not a healthy condition for a consumer as they will not get enough variety of goods from other suppliers. “The concept of market structure is central to both economics and marketing. Both disciplines are concerned with strategic decision making. In decision-making analysis, market structure has an important role through its impact on the decision-making environment. The extent and characteristics of competition in the market affect choice behavior among the actors”( Charles C. Fischer)

In economics, we can say a monopoly exists, when a specific individual or enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it. Monopolies are thus characterized by a lack of
economic competition for the good or service that they provide and a lack of viable substitute goods. The verb "monopolize" refers to the process by which a firm gains a persistently greater market share than what is expected under perfect competition.

“Every in­dividual producer is always engaged in an attempt to maximize his “psychic income,” to arrive at the highest place on his value scale. In judging how much of his labor to sell and at what price, the pro­ducer will take into consideration the monetary income to be gained, the psychic return from the type of work and the “work­ing conditions,” and the leisure forgone, balancing them in ac­cordance with the operation of his various marginal utilities. Cer­tainly, if he can earn a higher income by working less, he will do so, since he also gains leisure thereby. And the question arises: Why is this immoral?” (MONOPOLY AND COMPETITION)

In a free-market economy people will tend to produce those goods most demanded by the consumers. ...Download file to see next pagesRead More
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