MGTA01H3 Lecture Notes - Lecture 4: Oligopoly, Natural Monopoly, Liquor Control Board Of Ontario
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MGTA01H3 Full Course Notes
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Chapter 4: when buyers and sellers interact how markets work: Market: a bunch of activities, not a place: Market: the interaction of buyers and sellers, exchanging information about goods and services for sale (i. e. the housing market or the internet) Prices are set buy buyers and sellers negotiating. If a certain item is listed for a similar price by different sellers this represents the. Degrees of competition: the various combinations of numbers of buyers and sellers, in a market. A good retailer will try to remember that ever customer is important but that no individual customer is more important than the other. Perfect competition: a market characterised by a large number of small sellers. All sellers offer more-or-less the same product, for more-or-less the same price, and buyers have lots of choice. Market share: the percentage of an individual"s firm"s sales relative to the total sales within a given market.
