Lecture 4- Market types

Market share- This is as percentage of

To evaluate how market is, manager might be interested in various factors. One factor is which can be measured by of sales or of sales. Another factor is (measured by in sales over year). Third factor is

Concentration ratio- Measures of “n” number of businesses

One reason why it is difficult to enter some markets is because there are ( that make it difficult for firms to market). One category is (related to kind of that is going to ). Another category is (related to & ). Third category is ( on legal sources such as restrictions on number of granted or given)

Another reason why it is difficult to enter some markets is because there is . This is first level of at which average costs stop with expansion. To take advantage of economies of scale, firm should be

Third reason why it is difficult to enter some markets is because there should be . This involves making products from those of

In perfect competition there are businesses, products, switching costs, information & barriers to entry

One advantage of perfect competition is that it leads to prices for & so have more . Another advantage is that it more efficient producers. Third advantage is that market allocates resources

In monopoly there is business, product or products &

One advantage of monopoly is that it is possible to achieve . Another advantage is that they can do a lot of to increase

One disadvantage of monopoly is that there are likely to be prices (assuming there is no ) because they will take advantage of & make profits. Another disadvantage is that there may be quality as there may be lack of on this. Third disadvantage is that there may be lack of as they are only supplier

In oligopoly there are businesses, products, switching costs, potentially information &

One advantage of oligopoly is that it is possible to achieve . Another advantage is that they can do a lot of to increase

One disadvantage of oligopoly is that there are likely to be (assuming there is no ) because they want to make profits. Another disadvantage is that there may be as there may be lack of focus on this. Third disadvantage is there may be (firms competing on something which doesn't to quality of products or consumers)

In monopolistic competition there are businesses, products, switching costs, likely to be close to information & or barriers to entry

Cartel- Occurs when businesses to set &/