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Managerial Economics Essay

2901 words - 12 pages

SEMESTER 2014
MANAGERIAL ECONOMICS – BMME5103
ASSIGNMENT (60%)

Name: NGUYỄN THỊ MINH HIỀN

Class: MBAOUM0514-K14A

Question 1
a. What is (are) the main difference(s) between a monopolistically competitive market and a monopoly market?
Their characteristics are different:
|Monopolistically competitive market |Monopoly market |
|Large number of small firms: |A single firm selling all output in a market: |
|It is relatively small compared to the overall size of the market. |It is a market controlled by a single seller. ...view middle of the document...

| |
|Relative freedom of entry into and exit out of the industry |Restrictions on entry into and exit out of the industry, and more |
|Monopolistically competitive firms, like perfectly competitive firms, |often than not |
|are free to enter and exit an industry. |A monopoly is generally assured of being the ONLY firm in a market |
|Monopolistically competitive firms can acquire whatever labor, |because of assorted barriers to entry. |
|capital, and other resources that they need with relative ease. There |Some of the key barriers to entry are: (1) government license or |
|is no racial, ethnic, or sexual discrimination. |franchise, (2) resource ownership, (3) patents and copyrights, (4) |
| |high start-up cost, and (5) decreasing average total cost. |
|Extensive knowledge of prices and technology |Specialized information about production techniques unavailable to |
| |other potential producers |
| |Monopoly is commonly characterized by control of information or |
|In monopolistic competition, buyers do not know everything, but they |production technology not available to others. This specialized |
|have relatively complete information about alternative prices, product|information often comes in the form of legally-established patents, |
|differences, brand names, etc…Moreover, each seller also has |copyrights, or trademarks. While these create legal barriers to entry |
|relatively complete information about the prices charged by other |they also indicate that information is not perfectly shared by all. |
|sellers so that they do not inadvertently charge less than the going | |
|market price. | |
| |A monopoly firm might know something or have a piece of information |
|Extensive knowledge also applies to technology and production |that is not available to others. This "something" may or may not be |
|techniques. Every monopolistically competitive firm has access to |patented or copyrighted. It could be a secret recipe or formula. |
|essentially the same production technology. Some firms might have a |Perhaps it is a unique method of production. |
|few special...

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