Monopoly and Oligopoly Assignment
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The assumption of economists is that the marketplace has plentiful of buyers and sellers. Hence, there is competition and because of competition, there are variations in supply and demand causing the price to vary as well. Moreover, similar products are available. Hence, if a product is pricey, a buyer has the option of choosing an inexpensive alternative as well. A market that has ample buyers and sellers, the consumer and the producer or supplier alike can influence price.
In quite a few industries, there aren’t any alternatives, hence, competition is nonexistent. A market where suppliers of a product or service are few and far between, producers can manage price. What this means is that there are hardly any options for a consumer, the total utility derived from a product or service isn’t optimal and consumers cannot play an influential role in terms of the price of products or services either.
Market structures that typify only one producer or supplier of a product or service are a monopoly. An entire industry, in other words, is comprised of only one business. There is a restriction to entering a market like that as costs are high or there are other obstacles which could either be economic, social or political.
Any government could enforce monopoly to control an industry like electricity for example. The other reason for the hurdles to entering a market structure that is a monopoly is that often, an entity may have the sole privileged access to a particular natural resource.
The characteristics and indeed by definition oligopoly essentially is a market structure where a limited number of companies constitute an entire industry. This handpicked a group of companies control price and, similar to a monopoly, the barriers to entering an oligopoly are high. Oligopolistic firms manufacture products that are quite often almost identical. Hence, companies that vie for a share of the market are dependent on each other.
In an oligopoly market structure typically there would be a few comparatively big firms that manufacture similar products that could be marginally different. Products or services in an oligopoly are moderately priced as competition exists. Firms in an oligopoly can be influential as prices, marketing strategies and customer service are set. Companies in an oligopoly may merge instead of competing and function as if they are one and the same company.
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