Market Structure

A detailed research plan has already been made so as to have blue print of what should and should not be done in the process of research. A detailed search for material has been made. Finally, I got all the material on the basis of which the paper is completed. Secondary data alone is used in the studies which are collected from electronic sources. The data collected are analyzed on the basis of required outcome of the research and only relevant data are written in the paper. No primary source such as market survey or product survey is made for the collection of data and analysis.
The paper is prepared in such a manner that each question is followed by its answer so that it will be of immense help to the reader to easily understand the situation. A brief structure of the answer is given below:
A perfect market is a situation where there are large number of buyers and sellers and all have free entry to and exit from the market. Firms in the perfect market are price takers. Profit is determined by the number of product marketed and the demand for the product. Monopoly is a market structure wherein one seller meets all the demands of the market. Since he is the only seller in the market, the price determined by him is the final price. However, in many cases the existence of monopoly is justified owing to reasons like natural monopoly, legal monopoly and acquired monopoly. But, if there is proper legislation in the country, the problem of monopoly can be reduced. An imperfect market is one which is not a perfect market. Monopoly, Monopolistic and oligopoly arte the examples of imperfect competition.
G Stigler, (1957)’Perfect Competition, Historically Contemplated’, Journal of Political Economy, vol. LXV. Viewed 19 November, 2008, http://www.economyprofessor.com/economictheories/perfect-competition.php
Yogesh Ambedkar, (2005). What does Market Monopoly mean Viewed 19 November, 2008, http://www.buzzle.com/editorials/1-13-2005-64198.asp
Roderick Hill, (March 2006), The Overemphasis on Perfectly Competitive Markets in Microeconomics Principles Textbooks. Viewed 19 November, 2008, http://www.unbsj.ca/arts/economic/documents/Overemphasisonperfectlycompetitivemarkets.pdf
Imperfect Competition notes: (n.d.) viewed 19 November, 2008,
Lecture Outlines (n.d.), Monopolistic Competition and Oligopoly, viewed 19 November, 2008,
Investopedia (2008), Perfect Competition, viewed 18 November, 2008, http://www.investopedia.com/terms/p/perfectcompetition.asp
Perfect Competition (n.d.), Economy Watch, viewed 19 November, 2008,
Question No. 1.

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