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Download Competition vs Monopoly - Professor Stenard + Study = Economic
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Competition vs Monopoly A discussion of market characteristics Facilitator: Joseph Stenard Agenda The four typical markets Competition and Monopoly defined Examples Comparison Chart How Households, Firms and Governments are impacted. Personal experience: In Your Lives Four Typical Markets Perfect Competition Monopolistic Competition Oligopoly Monopoly Definitions Monopoly Perfect or Pure Competition “one seller” a market characterized by only one supplier of a good or service. is a condition of the market characterized by many sellers and buyers, who can easily participate (ease of entry and exit) and where no firm has the ability to charge above the market rate. Examples (as close as we come to examples in the real world) Monopoly Thruway Rest Area Starbucks MLB 103rd World Series Cap Orange Juice at Disneyworld Con Edison Pure Competition Coffee Beans White Tee Shirts Frozen Concentrated Orange Juice Energy Billing Services, Inc. ? Properties of Monopoly, Oligopoly, Monopolistic Competition, and Competition (Pearson 2004) How are Households, Firms and Governments impacted by Monopoly? Profits Prices Output Employment Taxes GDP Efficiency Personal Experience Hurricane Katrina FEMA vs Allstate In Your Lives … Gas Stations – McD’s in Town vs McD’s on the Thruway Cell Phone Carriers – do you want one in town or three? – How do you benefit from competition? – Would it be better if AT&T were a monopoly? Thank You
