eco365_ wk4_ heatyer taylor_ differentiating between market structures
TRANSCRIPT
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Differentiating Between Market
StructuresHeather Taylor
Eco/ 365Oct. 12, 2015Mrs. Murry
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About
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Business Market Structures
• Oligopoly• Perfect Competition• Monopoly• Monopolistic Competition
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Oligopoly
• Success in Oligopoly• upstream and • downstream
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Perfect Competition
• Buyers and sellers are price takers
• There are no barriers to entry
• Firms’ products are identical
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Monopoly
Profits and Monopoly• Draw the firm’s marginal
revenue curve.• The output produce by the
intersection of the marginal cost and marginal revenue curves.
• The price charge for that output. • The monopolist’s profit
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Monopolistic Competition
• Many sellers• Differentiated products• Multiple dimensions of
competition• Easy entry of new firms in
the long run
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Skechers Competitive Strategies
• Expected changes in supply and demand
• Price elasticity of demand• Market structure
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Expected changes in supply and demand
• Upward change in supply and/or demand
• Downward change in supply and/or demand.
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Price elasticity of demand
• High priced shoes• Discounted shoes• Peak seasons
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Market structure
• Ethics• Price• Supply and demand
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The ethical implications
• Ethics• Values• Morals
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Skechers’ current values
• Integrity• Morals• Value• Trust• Dependability
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My own values on the strategy
Ethics• Integrity• Morals• Value• Trust• Dependability
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Reference
Colander, D. C. (2013). Economics (9th ed.). Boston, MA: McGraw-Hill/Irwin.University of Phoenix. (2011). Escalation with Successive Oligopoly. Retrieved from University of Phoenix, Eco 365 website.University of Phoenix. (1937). On the Definition of Monopoly. Retrieved from University of Phoenix, Eco 365 website.