Maximizing Profits In Market Structures

Maximizing Profits in Market Structures Your Name Axia University of phoenix XECO 212 March 11, 2012 Your Professor The characteristics of mart anatomical structures differ in numerous an(prenominal) ways. There are many buyers and changeers in the militant market, the characteristics of the competitive market are that every last(predicate) of the goods offered are very similar, buyers/sellers cause the set that is offered by the market, and firms slew freely enter or exit the market. The characteristic in a monopoly are that there is only one manufacturing business and seller of the monopolized good and the stubbornness of market force play. Market power gives the monopoly the authority to visualize the terms and conditions of exchanges. Other characteristics of monopolies are contender and they encounter laid-back barriers to entry. These high barriers are described as economic, legal and deliberate. Oligopolies excessively fork over three very ou tstanding characteristics and these characteristics are that they have significant barriers to entry, are dominated by a miniscule number of outstanding firms, and are firms that sell either homogeneous or variousiated results. While from each one market structure possesses its own characteristics, maximizing do good is the large concern for either but determined by different measures. Maximizing profit which means total revenue damaging total finis is a competitive firms goal. The competitive firm takes the market expenditure given and therefore chooses how much come out is needed so that a gross sales cost can be determined for profit. The monopoly firm determines their set on the quantity of products to sell. The monopoly decides how much of its product to make and what price to down for it. Individual financial gain determines the price for oligopolies. These firms observe non price competition to keep from having to change the price of their products. The end product of each product must be maximize! d to see a true profit which is the objective. Profit-maximizing output for marginal revenue and marginal cost are exactly equal for...If you hatful to get a full essay, order it on our website: OrderCustomPaper.com

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