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Four Market Models[pic] From most rivalrous to least hawkish: excellent Competition: Involves very full-size numbers of inviolables producing selfsame(a) products. Standardized product (a product identical to that of other producers--ex. lemon yellow or cucumbers). o no attempt to advertise or differentiate Free Entry and Exit: no significant legal, technological, financial, or other obstacles prohibiting new firms from selling their output in every competitive market No control everyplace the price: worth Takers (i.e. the firms have no market power) . o The individual firm has very little to no blow on the market. entreat is perfectly elastic. Maximizes productive and allocative efficiency. ex. Agriculture plain competition markets do not rattling exist. Note: Pure competition does not actually exist in our society, and the agribusiness persistence is the closest fabr ication to being strictly competitive. The splendid competition model is employ as a step to evaluate the efficiency of our preservation (something to compare to and help our taking into custody of economy.) Monopolistic Competition: Involves large number of firms, but not as many as in pure competition. Produces place products (ie.

clothing, furniture, books) o Nonprice competition - a selling strategy in which firms try to distinguish their product or service on the basis of attributes such as design and workmanship (product differentiation) o Focuses mostly on advertising, trademark n ames, and trademarks Firms can easil! y move in or leave this market, although not as easily as firms in a purely competitive market. Imperfect Competition. check control over prices o ex. retail trade, dresses, shoes Oligopoly: Involves a few firms that exert considerable bias over the industry Produces either standardized or differentiated products. NONPRICE contestation: strain on...If you want to get a full essay, social community it on our website: BestEssayCheap.com

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