Core-0013 Market Structures
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About Core-0013 Market Structures
About the Teacher
Jay Moulton
Jay Moulton is a business veteran. In short:
- Corporate finance and turnaround expert in U.S. and Canada
- CEO or operator of numerous companies in many industries
- 30 years of actually applying business economics principles
- Successfully led and invested in several leveraged buyouts
- Director or advisor to 30+ different companies
- Experience in both for-profit and not-for-profit sectors
- Producer of 700 professional videos and several TV shows
- Author of six economics and business strategy books
- Graduate of Harvard Business School MBA program
- Graduate of The Royal Military College of Canada
- Professional electrical engineer
- Governor of the Harvard Club of British Columbia
Market Structures
MODULE 1
In microeconomics, there are four market structures – perfect competition, monopoly, monopolistic competition and oligopoly. In this chapter, we introduce each market structure, consider each structure’s characteristics and how firms interact with consumers.
Four Market Structures
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The video describes the key characteristics of the four traditional market structures and their influence on the decision making of the firms existing within those structures.
One good example of an oligopoly is the home improvement market.
The four market structures are oligopoly, monopoly, monopolistic competition, and perfect competition.
As we move from left to right, less market power is exerted by firms in these four market structures. Market power is the ability to influence prices and customers in the market.
As we move from left to right, entry barriers, or the ability for new firms to enter the market, become lower.
Case Study - Gas Stations
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The video describes characteristics of the four main market structures - monopoly, oligopoly, monopolistic competition and perfect competition using the example of gas stations that simultaneously exhibit characteristics of all four market structures.
Gas stations can display characteristics of all four market structures.
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