Competitive vs. Monopolistic Markets

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Essay #: 067052
Total text length is 6,469 characters (approximately 4.5 pages).

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The beginning:
Competitive vs. Monopolistic Markets
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Competitive vs. Monopolistic Markets
This essay will describe properties of competitive markets and of monopolistic markets, comparing the similarities and contrasting the differences between the two.
Competitive Markets
Heyne
, et al. characterize a competitive market, as conceived by many economists, to represent a condition where:
There are many buyers and sellers, so no one can dictate prices.
All buyers and sellers have complete information about alternatives.
The product being sold by one seller is fungible with that sold by another.
Transporting resources has no...
The end:
..... or marketing. By contrast, for a monopolist little or no effort would have to be expended on differentiating the product, but marketing could be directed toward buying more of the product or newer versions of the product.
References
ADDIN ZOTERO_BIBL {"custom":[]}
Heyne
, P.,
Boettke
, P., &
Prychitko
, D. (2006). The economic way of thinking (11th ed.). Upper Saddle River NJ: Prentice Hall.
Microsoft Agrees to End Unfair Monopolistic Practices. (1994, July 16). Department of Justice. Retrieved March 8, 2011, from http://www.justice.gov/opa/pr/Pre_96/July94/94387.txt.html
Roper, J. E., &
Zin
, D. M. (2008). Monopolies, Duopolies, and Oligopolies. Encyclopedia of Business Ethics and Society. Thousand Oaks, CA: Sage Publications Inc.