We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Economic - Assignment Example

Comments (0)
Summary
In economic terms, the market of this type is said to be under the influence of perfect competition. The extent to which such a market can be considered to be competitive is dependent partly…
Download full paper
GRAB THE BEST PAPER

Extract of sample
Economic

Download file to see previous pages... As the name suggests, a highly competitive market is possible in the presence of a large number of buyers. Due to the presence of a large number of players, none of them has a clear control or controlling stake either on the market or on the price (Malcolm C. Sawyer, 1985). However, the competitive market operates on the basis of a number of key influential factors, which will be used to explain the case of the store under analysis.
A highly competitive market means that each of the suppliers holds an insignificant share in the market, which means that the firm is small in comparison to the size of the overall market that comprises all the suppliers in the sector. As such, the influence of a single supplier on the market price is negligible and the quantity that each produces depends directly on the level of demand from consumers. The price that the firm sets therefore depends on this demand, due to which a supplier will be known as a ‘price taker’. Another factor that makes the market highly competitive arises from the identical nature and quality of the products manufactured by every supplier, which leaves the customer with very little choice to choose between the individual suppliers and brands. Thus, a high substitution of products is another major factor that contributes to the lack of governance on the price (Pass, Bryan Lowes, 1994).
The consumer is well informed on the prevailing prices in the market and the producers cannot modify the price above the market price as the higher price combine with the availability of identical products from other suppliers for cheaper prices will encourage the customer to consider other providers thereby bringing the substitution effect once again into play. Suppliers have equal opportunities in terms of access to resources and labor in addition to technological improvements. Thus, improvement in production capabilities by one firm can have a spillover effect on the other competitors and require them to make similar ...Download file to see next pagesRead More
Comments (0)
Click to create a comment
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Economic Indicators
The graphical indicators of the trend have been presented below: Figure 1: Apparent Consumption of Pure Alcohol (Australian Bureau of Statistics, 2012) The trend depicted above states that the portion of pure alcohol available for the consumption in the form of beer has decreased almost by 50%, i.e.
3 Pages(750 words)Assignment
Economic
The four types of market structures are oligopoly, monopoly, perfect competition, and monopolistic competition. This paper studies two scenario dealing with two firms operation in a perfect competition and monopolistic competition
4 Pages(1000 words)Assignment
Economic Questions
Opportunity costs helps make more informed decisions and provides a clear idea of what can be gained instead of investing in one place (McConnell, Brue, & Flynn, 2008). Consumers use this as a means to ensure that their investments are put to
1 Pages(250 words)Assignment
Economic Growth
Economic growth is experienced basically when there is seen an increase in the production capacity of goods and services in an economy. (Encyclopædia Britannica, 2008) It is also seen as the increase in the standard of living of the society as a whole.
4 Pages(1000 words)Assignment
Economic Growth
For example if we take two sample countries i.e. Brazil and Cuba. The real GDP per capita for Brazil and Cuba in 2005 are 7524.542969 and 9142.791016 respectively. The resultant openness is 26.66373062 and
6 Pages(1500 words)Assignment
Economic issue
2. IMF has significant influence in the developing economies where it assists in development agenda. However, it is important to note that it has always come up with some economic restructuring policy that affects the citizens.IMF have in some instances
1 Pages(250 words)Assignment
Economic assingment
Presently that the interest is high, value variance is clear. Moves sought after are created by components other than the cost of the great and, as talked about, incorporate changes in tastes and inclination, cost of
3 Pages(750 words)Assignment
Economic history
This means that capitalists could not exist in isolation. They needed factors of production such as labor that could only be sourced from members of the society. There was also the fact that capitalists could in no way control or dominate the
2 Pages(500 words)Assignment
HEALTH ECONOMIC
This will be done in compliance to the Affordable Care Act of 2010 which states that the federal government should provide a detailed report on the payments made to the doctors, optometrists, chiropractors, dentists and podiatrists by each and every medical devise
1 Pages(250 words)Assignment
Economic analysis
This model analyses the supply of goods and services a nation can produce in a given period and the corresponding amounts of goods and services that will be purchased at all possible levels. The Fiscal policy
2 Pages(500 words)Assignment
Let us find you another Assignment on topic Economic for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us