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Exam paper---read the requirement I send you carefully - Essay Example

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A Perfect Market By [Name of Student] [Name of Institution] [Word Count] [Date] Introduction Supply and demand are the two main factors that drive the market mechanism across all types of markets. At least everyone in society has to make certain choices in their lives…
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Exam paper---read the requirement I send you carefully

Download file to see previous pages... In this sense, everyone produces and consumers determine the market price of a product (Johansson, 2004). Similarly, the determined price defines and determines what is to be produced and the consumers who can afford the products. Prices provide incentive to consumers and producers, albeit in different ways. That is, whereas high prices encourage producers to create more goods and services, high prices result in reduced consumption by consumers (Johansson, 2004). On the other hand, low prices discourage production but encourage consumers to consume more of the concerned goods and services. These high and low price incentive result in a balance between demand and supply, the forces of consumption and production respectively, resulting in equilibrium (Johansson, 2004). This demand and supply mechanism results in the efficient market outcomes in which consumer satisfaction in society is maximised and minimum cost. This paper explores the concept of a perfect market with regards to how it responds to changes in consumer demands. In addition, the paper compares a perfect market and a market with which one is familiar. The paper first explores the various types of market structures within which these factors interact. Market Structures Among the conditions or factors that create and define market structure are buyers, sellers, and entry and exit barriers for sellers and buyers, size of the firm, its market share and competition (Sayantan, 2010). The table below summarises the various types of market structures that a business entity may operate in. From the tabel, it is evident that competition increases from monopoly, oligopoly, monopolistic competition and perfect competition. Structure Buyers Sellers Size of firm Product differentiation Market share Competition Perfect competition Many Many Relatively small Homogenous product Small Fierce Monopolistic competition Many Many Relatively small Substitutes with different branding Small Fierce Oligopoly Many Few Average Homogenous Average High Monopoly Many One Relatively large No substitutes Highest No competition Monopsorry One Many Relatively small Substitute good Average Imperfect competition In a monopoly, state-owned companies run the market and states bar the entry of other players whereas in oligopoly, consumers buy products of different sellers (Sayantan, 2010). On the other hand, in monopolistic competition, companies sell similar products but brand them differently. The different branding is indeed the catch for monopolistic competition. By knowing the market structure, business can measure its market share and the forces operating in the identified market not to mention the competitors and the type and range of products (Sayantan, 2010). This information is quite helpful for investment, having known the risks therein. A business can also develop its vision, values and mission after studying the target market. A perfect Market Responds to Consumer Demand Changes   In economic terms, for a market to be defined as perfect, it should have certain characteristics. These features are collectively referred to as perfect competition and they include absence of externalities, profit maximisation, equal access to production factors, absence of barriers to entry and exit, no participant with power or influence to set prices and perfect market information. The idea of a perfect market is based on the ...Download file to see next pagesRead More
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Read the document I send you carefully
A market structure is the type of market that an economy chooses in order to assist in its decision-making. “The extent and characteristics of competition in the market affect choice behavior among the actors.” (Baumol, 1961, p.142) This means that economists are more concern on the attitude of buyers and sellers in the market and then conclude which market structure would be best for a certain economy.
6 Pages(1500 words)Essay
Exam paper---read the requirement I send you carefully
Market types include: perfectly competitive markets where there are several buyers and seller, oligopolistic markets where there are limited number of sellers and monopolistic markets where there are only one to two sellers. In some markets, the sellers are price takers, while in other markets the buyers are price takers.
6 Pages(1500 words)Essay
Exam paper---read the requirement I send you carefully
For example, production of wheat and sale of the same in the market is an example of perfect competition. The producer produces wheat for sales but is bound to accept the market price for selling the product. In this paper, the demand-supply equilibrium will be determined.
6 Pages(1500 words)Essay
Exam paper---read the requirement I send you carefully
The perfect market is a market which offers the highest competition and the least concentration. The least competition and highest concentration, on the other hand, is present in a monopoly market. The prices of the products and services in a perfectly market is driven by the benchmark prices set by the market.
6 Pages(1500 words)Essay
Leadership------read the requirement i send you carefully
The study would be reflecting the competencies of domestic as well as international leaders. It would highlight the similarities as well as dissimilarities in these two forms of leadership by comparing the leadership behaviour in some selected countries i.e.
12 Pages(3000 words)Essay
Read the requirement i send you carefully,
About three decades ago, employees were people who were there in the company to work and receive wages at the end of the day or the month. Much focus was on production and achievement of profits without taking into consideration the concerns, ideas, opinions, and general welfare of the employees.
12 Pages(3000 words)Essay
Enterpreneurship...read the requirement i send you carefully
Commonly, economists of the 20th century explain the meaning of entrepreneur as the one who is always eager to take the risk of launching a new project forecasting its scope of earning maximum profit. It is worth mentioning in this context that there are certain special features in a successful entrepreneur, which make them different from others.
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The big idea...read the requirement i send you carefully
Rodrigue, J. (2013) stated “The most important transport problems are often related to urban areas and take place when transport systems, for a variety of reasons, cannot satisfy the numerous requirements of urban mobility. Urban productivity is highly dependent on the efficiency of its transport system to move labor, consumers and freight between multiple origins and destinations.” Congestion or increased density of population paved way for pollutions of various kinds in cities.
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Computer---group report,read the requirement i send you carefully
This tool is quite useful given that it helps in the understanding the level of competitiveness and the direction the business is headed. With clear knowledge on current situation, it is possible taking advantage of business’ strength and adopts mechanisms to improve on weakness.
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Read the requirement i send you carefully---marketing
China is most engaging place for business communities, local and foreign players are investing more in this. Since, China has good legal policies in industry sector; it aids China to develop more
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