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R. Larry Reynolds Pure Competition P urely competitive martplaces are utilize as the benchmark to evaluate market performance. It is generally believed that market structure influences the carriage and performance of agents with in the market. Structure influences support which, in swordplay affects performance. A. Market Structure N eoclassical microeconomics is an description of the behavior of individuals, firms, and organizations within a market context. Their behavior is eyeshot to be a function of their objectives and the constraints that follow because of technology, quantity/ character of inputs and market structure. Market structures domiciliate be characterized by sellers or buyers or both. Most economics texts part markets by seller. Generally, they localize 4 canonic types of markets; (1) pure (or perfect) rival, (2) noncompetitive (or imperfect) competitor, (3) oligopolistic competition, and (4) monopoly. Pure competition is believed to produce ideal results in the tryst of resources. Monopoly is usually show as having less than optimal outcomes. The basic market structures image VII.1 Ideal outcomes Pure Competition 1. Many sellers 2. homogenized products 3. intercourse liberalization of entry Market Structure Imperfect or Monopolistic Competition 1. Many sellers 2. differentiated products 3.

relative ease of entry yield from Ideal Oligopoly 1. Few sellers (interdep eat upence) 2. identical or differentiated product 3. BTE Monopoly 1. peerless seller 2. no remainder substitutes 3 complete BTE found on sellers is shown in pre dict VII.1 P ure competition and Monop! oly are at each end of the spectrum of markets. In fact, probably neither go in market economies. Pure competition and monopoly are the boundaries and the trustworthy world (wherever that is) lies somewhere between the two extremes. Pure competition provides the benchmark that can be use to evaluate markets. The doc who attends you knows that 98.6o is a benchmark. Your...If you desire to get a full essay, regularise it on our website: OrderCustomPaper.com

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