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Economics
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Has anyone ever studied economics? If so need your help because I don't have clue about anything and I am doing it at college at the moment, please help someone!
Post edited by JustV on
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im really helpful me, huh? sorry, i actually havent studied economics, so im really not helpful.
sorry.....
also, why are you studying it at college if you dont have a clue about it? bit daft really......
have a chat with your tutors, and tell them youre not really getting it, im sure they could arrange some xtra help for you, or go over some stuff youre unsure of.
1) what are the conditions for perfect competition to take place?
2) what are the barriers that exist in Monopolistic competiotion?
3) Why do Oligopolists rarely get involved in Price-Wars?
Can anyone help?
ie: So shit it didn't deserve a mark
barriers? which kind? do u mean the barriers for a monoploy to exist or what problems it causes for consumers?
because the consumers only have a few choices so tehre is less competition. it is better for the shops to charge 'fixed prices' (illegal to decide on prices to charge together but usually ahppens) can see this in most major supermarkets. works out better for everyone. if they were competitive then more shops/business may enter market making it harder for existing businesses. oligpolies are very hard to set up a new business in the market
yeah......i dont do economics so they very generalised. but i do b.s.
1) a-Perfect Knowledge
b- Product Homogeniety
c- No barriers to entry
d- More than 2 firms in industry
e- Cannot earn abnormal profit, only earn normal profit.
2)No barriers to entry as abnormal profits attract competition which will inevitably be driven out the market but can still under cut the monopoly and turn a profit.
3)The kinked demand curve explains this, look it up. It is basically because whoever has the lowest costs will win and none of the firms has knowledge of this and it can be extremely damaging.
Thats an oligopolistic market. A monopolist is one producer in a market, an oligopoly is 4 controlling more than 80%.
If you haven't found it already.