Compare and Contrast Paper on Microeconomics

Compare and Contrast Paper

Words 425

There are four types of market structures, this paper compares and contrasts perfect competition and monopoly market.

A perfectly competitive market is represented by a large number of buyers and sellers in the marketplace, not a single one of them is large enough to sway the price. Sellers are expressed as being price takers. In addition the buyers and sellers can move in and out of the marketplace without any restrictions, however, even with low entry barriers firms must be able to set up themselves quickly. All information is freely available about the prices and output in the industry.

All businesses produce a uniform product. A perfectly competitive industry is extremely improbable to exist in its perfect state, based on the given the clear-cut suppositions made about the process of the market. Although many markets may be close to perfect competition, however, what they approach is imperfect competition. In case of agricultural produce, the markets are very similar to perfect competition because these are the only markets where there are enough sellers of products that are near perfect substitutes for each other. Prices and profits are low however there is economic efficiency.

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