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A Market Systems Peculiarities - Essay Example

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This paper "A Market Systems Peculiarities" focuses on the fact that a Market System may be considered an integral aspect of the economy, where the fundamental decisions about the products and services to be produced are decided largely by the interactions between the buyers and the sellers. …

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Subject: Marketing
Type: Essay
Level: College
Pages: 1 (250 words)
Downloads: 2
Author: tomasa71

Extract of sample "A Market Systems Peculiarities"

Monopoly is a market system that comprises of a single seller and a product with no close substitutes (Pass, Lowes & Davies, 1993). Contrary to Perfect Competition, in a Monopoly, the seller commands a significant control over the price of the sold goods or services. Any economist dedicated to capitalism ought to extend a theoretical and ethical resistance in a monopolistic scenario. An Oligopoly is a market system dominated by a few sellers (Pass, Lowes & Davies, 1993). The products sold are usually identical or similar and are mostly associated with high-cost investments, thereby discouraging the entry of the new players.

The primary job of an economist in an oligopolistic market system should be to strive for a more efficient distribution of resources, thereby enabling the entry of new firms and augmentation in competition.

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