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Differentiating Between Market
StructuresHeather Taylor
Eco/ 365Oct. 12, 2015Mrs. Murry
About
Business Market Structures
• Oligopoly• Perfect Competition• Monopoly• Monopolistic Competition
Oligopoly
• Success in Oligopoly• upstream and • downstream
Perfect Competition
• Buyers and sellers are price takers
• There are no barriers to entry
• Firms’ products are identical
Monopoly
Profits and Monopoly• Draw the firm’s marginal
revenue curve.• The output produce by the
intersection of the marginal cost and marginal revenue curves.
• The price charge for that output. • The monopolist’s profit
Monopolistic Competition
• Many sellers• Differentiated products• Multiple dimensions of
competition• Easy entry of new firms in
the long run
Skechers Competitive Strategies
• Expected changes in supply and demand
• Price elasticity of demand• Market structure
Expected changes in supply and demand
• Upward change in supply and/or demand
• Downward change in supply and/or demand.
Price elasticity of demand
• High priced shoes• Discounted shoes• Peak seasons
Market structure
• Ethics• Price• Supply and demand
The ethical implications
• Ethics• Values• Morals
Skechers’ current values
• Integrity• Morals• Value• Trust• Dependability
My own values on the strategy
Ethics• Integrity• Morals• Value• Trust• Dependability
Reference
Colander, D. C. (2013). Economics (9th ed.). Boston, MA: McGraw-Hill/Irwin.University of Phoenix. (2011). Escalation with Successive Oligopoly. Retrieved from University of Phoenix, Eco 365 website.University of Phoenix. (1937). On the Definition of Monopoly. Retrieved from University of Phoenix, Eco 365 website.