01-12 10 What is a Market? Competitive vs.Noncompetitive Markets Competitive Markets Because of the large number of buyers and sellers, no individual buyer or seller can influence the price. Example:Most agricultural markets Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 01-12 What is a Market? • Competitive vs. Noncompetitive Markets – Competitive Markets • Because of the large number of buyers and sellers, no individual buyer or seller can influence the price. • Example: Most agricultural markets
1907 01-13 What is a Market? Competitive vs.Noncompetitive Markets Noncompetitive Markets Markets where individual producers can influence the price. ·Example:OPEC Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 01-13 What is a Market? • Competitive vs. Noncompetitive Markets – Noncompetitive Markets • Markets where individual producers can influence the price. • Example: OPEC
01-14 0 What is a Market? ·Market Price Competitive markets establish one price Noncompetitive markets may set many prices for the same product. Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 01-14 What is a Market? • Market Price – Competitive markets establish one price. – Noncompetitive markets may set many prices for the same product