Monopolistic Competition – definition, diagram and examples

Definition: Monopolistic competition is a market structure which combines elements of monopoly and competitive markets. Essentially a monopolistic competitive market is one with freedom of entry and exit, but firms can differentiate their products. Therefore, they have an inelastic demand curve and so they can set prices. However, because there is freedom of entry, supernormal …

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Atomistic Competition

Definition of Atomistic Competition: A market structure where firms are so numerous that the market represents perfect competition. In atomistic competition there will be the following features: Many small firms The absence of economies of scale Firms do not have the ability to set prices (they are price takers) Low Profits and low prices for …

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Competition in the seafood industry

mussels-mtsofan

Readers Question. I came across a company recently which farms mussels of the coast of a small town in Bulgaria, and I started thinking about its structure in the economy. I know since it produces a homogeneous product along with hundreds of other mussel farmers, it must be in perfect competition, however this mussel company …

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Hit and run competition

Hit and run competition occurs when a firm temporarily enters a market and then leaves when supernormal profits are exhausted. Hit and run competition is considered to be a feature of a contestable market. A contestable market has low barriers to entry and exit. Therefore, if firms in the industry are making supernormal profits, there …

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 Essays on Competition Policy

  Q. Discuss how the Government tries to prevent the abuse of Monopoly power in the UK? (30) Q. Discuss why the govt seeks to block some Mergers and not others Q. How do we define market share? e.g. competition from other countries, other products and new competition Q. Should we have a unitary competition …

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Edexcel (A) Economics A-level revision guide

  • E-book (comes in pdf format shortly after purchase.)
  • Specific Edexcel (A) – A-level economics revision guide (themes 1,2,3,4) – just £7.95
  • Updated for the new Edexcel economics syllabus.
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  • For schools – See: Network License – A-level Edexcel Economics (£105.00)
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OCR A level economics revision guide

  • Specific OCR A-level economics revision guide – just £8.95
  • Updated for the new OCR economics syllabus. Last updated 27 June 2022.
  • Trademark simplicity and clarity of presentation.
  • E-Book (pdf format)
  • Significantly expanded on the previous version, with not just required knowledge, but also examples of evaluation for each topic.
  • It comes in pdf format and is sent within a couple of hours after purchase.
  • For schools – See: Network License – A-level OCR Economics (£105.00) – Network license allows unlimited use within a single educational establishment.

 

AQA economics A level revision guide

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  • Specific AQA A-level economics revision guide – just £8.95
  • Updated for the new AQA economics syllabus.
  • Last updated June 2022.
  • Trademark simplicity and clarity of presentation.
  • This product is an E-book (comes as pdf) – sent straight after purchase
  • Significantly expanded on the previous version, with not just required knowledge, but also examples of evaluation for each topic.
  • For schools – See: Network License – A-level AQA Economics (£105.00) – Network license allows unlimited use within a single educational establishment.
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