Essay3

In: Business and Management

Submitted By Slickrick
Words 5053
Pages 21
Differentiating Between Market Structures

A market structure in economics describes the state of a market with respect to its competition.There exist several different market structures like perfect competition, oligopoly, and monopoliesamong others. These markets all produce different types of goods or services, like public and privategoods as well as common and collective goods. Firms operating in these different market structuresutilize the labor market in very different ways because of very divergent uses of labor in each marketstructure, so it is important for a firm to use the labor market equilibrium principles to their advantageto efficiently cover the costs of production and maximize profits.In economics a good is something defined as any object, service or right that increases utility, directlyor indirectly. Goods are further broken down into public and private goods. A public good is a good thatcan be used simultaneously by many consumers, which is called non-rival, and people who have notpaid for the good can not be excluded from its utility, which in economics is call non-excludable.Together this means that the consumption of a public good by an individual does not affect theavailability of that good to anyone else, which is called being non-rival and non-excludable. Its obviousto see however, that a truly non-rival and non-excludable good cant exist; economists just look at thegoods that come close to the definition of a public good. A private good is the opposite and so it isconsidered to be excludable and rivalrous. This means that the good can be refused to consumers whohavent paid and also that consumption of the good prevents other consumers from simultaneousconsumption of that same good. Restaurants, groceries, furniture, and cars are all examples of privategoods which are by definition rivalrous and excludable. A common good is a good…...

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