While I am doing revision for my econs, I cannot really think of real life examples for the 3 market structure Perfect Competitions, Monopoly, Monopolistic com. This is what I can think of, do correct me if I am on the wrong track...
Egg sellers in the wet market selling eggs-Homogenenous product(all eggs are the same)
-Many buyers, many sellers
-Free entry and exit
-Infomation and mobility(sames infos and transportation/delivery)
Microsoft-Homogenenous product(Window Vista Operating System)
-High Barriers to entry
-Infomation and mobility
(For this not very sure as...there is also other compettiors of OS like Unix, SUN)
Sony Digital-Hetogenous product(camera with sony designs, different from the rest of the retailer)
-Many sellers, many buyers
-Free Entry and Exit
-Infomation and mobility(same)
any help will be appreciated, thanks
Microsoft is not an example of monopoly as you have other OS ,as you mentioned like Linux, Unix. And I don't think there are high barriers to entry also. However I can't think of any other present day example of monopoly. But in the past there was De Beers which had a monopoly in the diamond market till about a decade back when a Israeli competitor(can't remember the name) entered into the scene.
Your example of monopolistic competition is correct i think. Don't know about your perfect competition example, it could be right. PC usually exists in agricultural products whose prices are fixed by the government.
Hey alds87, thank you for taking the time to reply to my message. Hmm..kk..at least i am more confident in quotng the examples now.
for monopoly, could you mention (beneficial) drugs?
Ie, drugs to cure certain types of diseases.
There'd be a monopoly on it, since companies like GlaxoSmithKline would search for a cure on some disease, then patent it.
Hi Narev, nice to hear frm you. I think you haf a point there. Will take note of that. Thanks
yes glaxiokilinesmith or whatever it is called is to a certain extent a monopoly, but that is because of government legislation that says you can only make medicine with a license.
Up until recently, The Post Office.
amazon. google. can be argued to have such market power that this is in effect monopoly power.
Any company in "real life" that has > 25% market share is considered a monopoly, so there are lots of examples.
microsoft had until recently a monopoly on web broswers. but it really depends on your definition of monopoly, some define it as 25% on the market which gives scope for quite a few examples
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