market

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  • Created by: ishah
  • Created on: 06-01-14 14:48
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  • Market
    • charcteristics
      • relative size/ num firms
      • num firms that can enter
      • ease for new entrants
      • homogeneous?
      • shared knowledge of firms?
      • extent actions affect others
    • barriers to entry
      • capital costs
      • sunk costs
      • scale economies
      • natural cost adv
      • legal
      • marketing
      • limit pricing
      • anti-competitive pricing
    • barriers to exit
      • most firms low
      • cost & time
      • laws/contracts
    • perfect competition
      • suppliers - small share each
        • too small to impact prices
      • homogenous products
      • perfect knowledge
      • no externalities in production
      • E.G foreign exchange & farmers
    • market structures
      • perfect comp
      • monopoly
      • imperf comp

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