8.0 INTRODUCTION
Market Structure refers to the organization and characteristics of a market, influencing the behavior of firms and the nature of competition.
TYPES OF MARKET STRUCTURE
- PERFECT MARKET
CHARACTERISTICS OF PERFECT MARKET
- Many buyers and sellers.
- Homogeneous products (identical).
- Perfect information available to all participants.
- No barriers to entry or exit.
- IMPERFECT MARKET: Includes various forms of market structures where conditions of perfect competition are not met.
TYPES OF IMPERFECT MARKET
- Pure Monopoly: A market structure where a seller dominates the entire market.
- Discriminatory Monopoly: One seller charges different price to different consumers for the same product.
- Monopolistic Competition: Many firms sell similar but differentiated products.
CHARACTERISTICS OF IMPERFECT MARKETS
- Market Power: Firms have some control over prices.
- Product Differentiation: Products are not identical, allowing firms to compete on quality, features, and branding.
- Barriers to Entry: There may be significant obstacles for new firms to enter the market.
- OLIGOPOLY: A few firms dominate the market, and their decisions affect each other.
8.1 EQUILIBRIUM POSITIONS
- Short-run Equilibrium: Firms can earn supernormal profits or incur losses.
- Long-run Equilibrium: Firms earn normal profits as new entrants adjust the market supply.
BREAK-EVEN POINT: Where total revenue equals total costs.
SHUT-DOWN POINT: The price level at which a firm covers its variable costs; below this, the firm should consider shutting down.
8.2 SHORT-RUN AND LONG-RUN EQUILIBRIUM POSITIONS
- Short-run Equilibrium
- The equilibrium is determined where marginal cost (MC) equals marginal revenue (MR).
- Firms may operate with excess capacity, meaning they do not produce at the lowest average cost.
- Long-run Equilibrium
- In the long run, firms in monopolistic competition will earn normal profits due to the entry of new firms. The equilibrium occurs where the average total cost (ATC) curve is tangent to the demand curve.
- Firms will adjust their output to the point where they produce at the minimum point of their ATC curve.
BREAK-EVEN ANALYSIS: The point at which total revenue equals total costs, resulting in zero economic profit.
SHUT-DOWN ANALYSIS: A firm should shut down in the short run if the price falls below the average variable cost (AVC). In the long run, if a firm cannot cover its total costs, it should exit the market
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