Market structure Business & Marketing Essay Research (Essay Sample)
characteristics of different market stucture and why perfect competion might not be idealsource..
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The economy is characterized by the kind of market structures it possess, which is simply the extent of competition that exist in the entire market. Different market structures exist based on the nature of products, the number of traders and even the economies of scale besides competition. While market structures may appear to exist some are just theoretical to help us understand the basics behind classification of them. (The Economic Approach to Law, Third Edition, 2020.)
Perfect competition deals with infinite number of sellers making it difficult to control the market price of their products. It may not be ideal in the market structure and strategy and should be scrapped off based on the following: (An Introduction to the Market System, 2016.)
It deals with large number of buyers and sellers unlike other structures. Here, the prevailing market price is set by the market demand of the product and its supply. No single seller or buyer can make a significant change in the market price. In such situation, in order to maximize revenue, sellers are forced to increase their supply. (Competition Law and Economics, 2020.)
Existence of proper knowledge in the market. An instance where the prices cannot be hiked to increase revenue within a short time. Buyers therefore tend to purchase at will with the seller they prefer .If other sellers are preferred to the other, some lose business and this makes it not ideal.
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