Summary Table of Market Structure

上个星期刚上完Market Structure，这里是4个不同的市场结构的summary（网上找不到的哦！）共参考。

 

	Perfect Competitive	Monopolistic	Oligopoly	Monopoly
No. Of Seller	Many	Many(not as many as Perfect Competitive)	Few	single
No. Of Buyer	Many	Many	Many	Many
Product	Homogeneous	Differentiated	Differentiated/ Homogeneous	No close substitute
Entry & Exit	Very easy	Relatively easy	Significant barriers	Extremely high barriers
Control Over Price	No (price taker)	Some/less (price searcher)	Some (price searcher)	Many (price searcher)
Demand Curve	Perfectly elastic	Elastic	Inelastic	More inelastic
Profit Maximize	MR=MC	MR=MC	MR=MC	MR=MC
Short Run Profit	-Economic loss -Zero economic profit -Positive economic profit	-Economic loss -Zero economic profit -Positive economic profit	-Economic loss -Zero economic profit -Positive economic profit	-Economic loss -Zero economic profit -Positive economic profit
Long Run Profit	Zero economic profit	Zero economic profit	-Zero economic profit -Positive economic profit	-Zero economic profit -Positive economic profit
Productive Efficiency	Yes	No (excess capacity)	No (excess capacity)	No (excess capacity)
Resource Allocative Efficiency	Yes (P=MC)	No (P>MC)	No (P>MC)	No (P>MC)
Decision	-P=min AVC->Continued -P> min AVC->Continued -P<min AVC->ShutDown	-P=min AVC->Continued -P> min AVC->Continued -P<min AVC->ShutDown	-P=min AVC->Continued -P> min AVC->Continued -P<min AVC->ShutDown	-P=min AVC->Continued -P> min AVC->Continued -P<min AVC->ShutDown
Example	Agriculture, stock market	Restaurant	Petrol(homogeneous) Hand phone(differentiated)	Public utilities

 

考试到咯...DMK学生加油^^

 

~~Tokidoki~~