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Essay / Research Paper Abstract
6 pages in length.
This paragraph deals with monopolies, oligopolies, pure
competition and monopolistic competition. Includes graphs for
easy reference. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: D0_JGAolimn.rtf
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Unformatted sample text from the term paper:
PURE COMPETITION In order to assume a perfect competition model four assumptions must be satisfied. First, there must be a large number of buyers and
sellers in the market place. Secondly, the product must be sold at the same price. Thirdly, consumers and producers must have perfect knowledge and lastly, producers must be
free to enter or exit the market without restriction. The relationship between marginal revenue and price is one of the features of the perfect competition model.
More long run price stability can be seen in a market when the firm continues to trade at the lowest point on the lowest point of the long run average
cost curve. This model of perfect competition is sometimes useful in its straightforwardness and prognostic ability in showing how these markets work. Demand, supply, resource allocation, price determination
and welfare are all issues covered by this model. In a perfectly competitive industry rather than that of a monopoly, the marginal social cost curve for a final product
is represented by a long-run supply curve for the competitive industry. But in the case of the hamburger stand, we are dealing with a monopoly. The long-run supply
curve will also coincide with the long-run average cost of the industry including the extra costs needed to produce the increased output. If, then, an industry does not in
fact perceive its marginal cost correctly, it does produce that level of output in which price is equal to marginal revenue (Freedman 175). It becomes obvious that in considering increasing
a business by increasing the number of units produced, it is important to consider the marginal cost of producing the increased number of units. It could be found that
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