CCT206H5 Lecture Notes - Lecture 12: Imperfect Competition, Vehicle Insurance, Cultural Imperialism

• School: UTM
• Department: Communication, Culture and Technology
• Course: CCT206H5
• Professor: Brett Caraway

Document Summary

Perfect competition - capitalism in its ideal form; more myth than reality; a large number of sellers and buyers, a large number of small sellers and a large number of buyers. If you have a large number of small producers and a large number of buyers, that means there is a lot of competition. The price of all goods and services will be forced down to right at cost of producing. Consumers may the cheapest price possible for the greatest price, quality, and quantity of goods. Everything else is imperfect competition which is the reality in which you live: Oligopoly - a small number of producers with barriers to entry; banking. Monopolistic - a person or business with exclusive possession or control of the supply of or trade in a commodity of service. Competition only works if there is robust competition. Monopoly - only one firm that provides the goods and services for a given market.