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In an ideal scenario and the perfect market structure, a key assumption made is that there are a number of different buyers and sellers. Because of this, it allows for fair competition where the price mechanism, namely demand and supply interactions, determine the price of goods.
However, in reality, the market structure can be somewhat different. Some industries have only a single seller, also known as a monopoly. This prevents the buyer from being able to influence the price as much.
In a MONOPOLY, there is only one single seller who controls the supply of goods and services in the entire market. The single firm alone chooses the price at which it sells its goods. More often than not, the firm will choose a price that will prevent other businesses from entering the market. Competition in this market structure is extremely limited as consumers aren’t given a choice when purchasing the good.
Thus, they are likely to be exploited by having to pay an exceptionally high price for something which might be of poor quality. Even though the firm is the price maker, they will not choose to set prices at a level that their consumer isn’t able to afford. This is because although they have full control over the price, they will still want to make profits and they can only do this by pricing the goods at a high enough, but at the same time just about affordable for consumers. Monopolists should use the interaction of market demand and market supply to set their prices.
In an OLIGOPOLY, there are only a small number of producers. One similar characteristic between an oligopoly and monopolistic competition is that the goods are slightly differentiated. Although the goods are close substitutes of each other, each producer has a monopoly power over its own product.
Other firms will only be able to enter the market if they have sources of large investments and well-developed technology. Additionally, they will incur high costs of marketing in order to make consumers aware of their products. This acts as a significant barrier to entry for new firms and thus competition can be restricted. Another method that existing firms may follow is that they may decide to merge and further increase their market shares. This causes new firms to face even more difficulty when wanting to enter the market.
Sellers in this market also have a substantial influence on the price of the good and are therefore called price makers. There is however mutual interdependency in price amongst the producers and as a result, prices remain fairly stable in the market. Generally, when collusions and mergers take place, the firms agree on an identical price. This is normally a price at which profits are maximised and cost of production is minimised.
In a MONOPSONY, there is only one buyer and they purchase the goods from various sellers, Because of this, the sole buyer becomes the main influencer of the price in the entire market. This form of market structure is mostly common in the market for the exchange of factor services. The price the buyer selects tends to be lower than the equilibrium market price and there is an imbalance between the quality of the good and its respective price. Although the monopsony is deemed to be a price maker, obtaining quantity services requires them to reign back on higher prices and incur extra costs or wages to hire a greater number of employees.
This additional supply of labour and thus greater expenses on wages will enable the monopsony to earn greater profits. These added costs are defined to be the marginal factor cost and the extra profits are the marginal revenue product. In order to maximize the profits, the monopsony should employ the quantity of workers at the points at which marginal factor cost and marginal revenue product are equivalent.
On the whole, we can say that in reality, the existence of a perfect competitively market is rare. The most common type of market structure is monopolistic competition and an oligopoly.
In a PERFECT COMPETITION, there is no single firm that dominates the market share and therefore takes complete control when determining the price of a good or service. Instead, firms are price takers. This means that the prices of the products are entirely determined by the interactions of demand and supply. Another characteristic of this type of market structure is that there is a large number of buyers and sellers in the market and there are no barriers to entry or exit. Because of this, any firm can choose to enter or exit the market at their own will. In addition to this, the goods in this market are homogeneous and both the consumers and the producers are fully aware of the quality of good and its respective price.
The aim of all the producers in this market is to maximize their profits. However, it is important to note that producers in perfect competition can only supernormal profits in the short run. This is because as existing firms make such profits, other firms who are currently outside of the market will be encouraged to join as they also want to make supernormal profits. Because of the nature of the market structure, these new firms are able to enter the market without facing any difficulties. Consequently, the total number of firms in the market increases over time meaning that there is an increased supply of the good which eventually increases quantity and decreases price. This fall in price means that the original supernormal profits are now competed away and firms in the market can now only break even. The firm’s profits are maximized when they select the price at which marginal revenue is equivalent to marginal cost.
Marginal revenue is defined to the additional revenue a firm makes by selling one extra unit of the good. Marginal cost is the additional cost a firm incurs by selling one extra unit of the good.
In a MONOPOLISTIC COMPETITION, producers manufacture competitive products which are slightly differentiated from one another. Monopolistic competition is similar to perfect competition as there are a large number of firms in the industry and there are limited barriers to entry and exit. However, the major difference between these two market structures is that the goods produced by the firms in monopolistic competition aren’t homogenous. Once again, in monopolistic competition, firm acts as price takers and thus sell their goods at the price determined by supply and demand. They have no influence on the prices themselves.
However, in the long run, competition is likely to increase, and thus the consequences of the product differentiation become less and less important. As a result, this market eventually shifts to becoming a perfectly competitive one, where firms make reduced profits. At the optimum quantity of production and price, the firms are now only able to earn a maximum of normal profits. Consequently, at the equilibrium point, no new firms will be encouraged to enter the industry.
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