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MARKET
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GAURI 
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 Perfect Competition:

1. Large number of buyers and sellers:-

In this market structure there are large number of buyers and
sellers e.g. many farmers growing wheat. If one of them,
produces more or less that will not affect the market supply or
the market price. In this there are large buyers also. Even the
buyers cannot influence the price by changing their demand
because each buyer and seller is like a drop in ocean

2. Homogeneous product:-
It is the most important feature. It says that the product which
these large number of buyers buy from large number of sellers are
identical or we can say perfect substitute that means, if one buyer
increase the price the buyer will buy it from other seller as the
products are identical e.g. rice.

3. Free entry and exit of firms:-

An entrepreneur who has enough capital and still can start the
business and enter the industry and any one who is incurring loss can
stop the production and exit the industry.

4. Firms are price takers:-

As there are many buyers and sellers nobody can influence the
price or the supply in the industry. They are like drop in the ocean.
Producers are price takers as he cannot affect the market price.
Consumers are price taking consumer as they cannot influence the
price by any of his or her action.

5. Perfect Knowledge:
All the buyers and sellers have perfect knowledge about the market.
A market which comes to exhibit all these conditions is the stock
market. About one stock there are many information available as it is
published.

6. No Cost of Transportation:-
It is assumed cost of transportation does not exist.

7. Perfect mobility of factors of production:-

It is assumed that all the factors of production can be migrated

from one place to another. There is no hindrance in the movement.
This helps in entry of new firm and exit of a loss making firm.
 Now after discussing the features we will differentiate between perfect
and pure competition. As perfect competition has all the features of
pure competition and some more features. The first three features
given under perfect competition constitutes pure competition (that is
large number of sellers and buyers, free entry and exit and identical
products) where as perfect competition has the features of pure
competition and two more features they are perfect knowledge about
the market and perfect mobility of inputs and output.

Shut Down Point:-

In short run, firm may continue its production to recover losses in long
run. In short run as we have discussed in cost concept fixed cost is
incurred even if the output is 0. Now when the firm is incurring loss
then it may go on producing till the loss is less then or equal to total
fixed cost. then the firm may go on producing till the loss less is then
and equal to TFC. If the firm is able to cover its variable cost and part
of fixed cost it will go on producing because if it stops, the firm has to
incur the complete fixed cost as loss and as there will be no variable
cost if there is no production but if the loss is more than fixed cost that
is when producers will decide to shut down. Therefore not only the
whole of fixed cost but also the part of variable cost the firm has to
incur from its pocket, not through revenue. It is advisable to shut
down and incur loss equal to fixed cost as there will be no variable cost
when production is nil.

Long Run Equilibrium:-

We assume that all the firms have identical cost condition in the
industry. In short run the firm will keep on producing even when it is
incurring loss but in long run the firm not even getting normal profits
will shut down. As due feature of free entry and exit when a firm at
shut down point will exit the industry which will decrease the supply
and the profit increase and other firms who where are incurring loss
will start getting normal profit. When most of the firms are incurring
profits the industry looks attractive many new firms enter the industry
which increase the supply in the industry and the profit comes down
and the existing firms will return to normal profits from super norm at
profits so in long run under perfect competition the firm incurs normal
profit there are no super normal profit and no huge loss.
the buyers that his brand is superior to the others.

Oligopoly MONOPOLY

Three degrees price discrimination – first degree Monopoly is

said to exist when one firm is of price discrimination
First degree the sole producer or seller of the product. In case
of monopoly, one firm constitutes the whole industry. Mono
means one and Poly means seller.
Conditions
1. One seller or producer.
2. No close substitutes for the product of that firm should be
available.
3. monopoly implies no competition
4. Other firms for one reason or the other reason are
prohibited to enter the industry. There is strong barrier to
the entry of the firms.
Price discrimination

Practice of selling the same commodity, at different price to

different buyers by a seller. A seller makes price discrimination
between different buyers, when it is both possible and
profitable for him to do so. Its difficult to charge different price
for the identical good from different buyer.
price discrimination is also called the perfect price
discrimination because this involves maximum possible
exploitation of each buyer in the interest of the seller’s profit.
It is said to occur when the seller is able to sell each separate
unit of the product at different price. So every buyer is forced
to pay the price which is equal to maximum amount he is
willing to pay rather than to go without the good altogether,
which means seller leaves no consumer surplus to the to buyer.
Seller makes separate bargain with each seller instead of
setting down with just two or three few market prices each. In
this all and nothing bargain the total amount of money which
the buyer is required to give equal to the maximum price he is
wiling to pay.
1. Second degree price discrimination- second degree price
discrimination will occur if the monopolist is able to
 charge separate price in such a way that buyers are
divided into different groups and each group is charged a
different price. The seller divides his market into different
group of buyer and charges different price for each group
of buyer.
2. Third degree price discrimination- when the seller divides
his buyer into two or more than two sub markets or group
and charges a different price in each submarket. The price
charged in each sub market depends upon the output sold
in that submarket and demand condition of that
submarket. It is the most common, e.g. price
discrimination found in the practice of manufacturers who
sells his product at a higher price at home and lower price
abroad.

Monopsony

Monopsony refers to a market situation when there is a single

buyer of a commodity or services. It applies to any situation in
which there is a monopoly element in buying. E.g. when a
single factory in an isolated locality is the sole buyer of some
grades of labour or when a individual happens to have a taste
for some commodity which no one else requires. Just as in
monopoly seller is able to influence the price of the product by
the amount he offers for sales. Similarly monopsony buyer is
able to influence the supply price of his purchase by the
amount he buys. Monopoly aim to maximum profit and
monopsony aims to maximum consumer surplus.

Bilateral monopoly

Bilateral monopoly refers to market situation in which a single

producer (monopoly) of a product faces a single buyer
(monopsony) of that product. There is a single commodity with
no close substitutes, the monopolist is the sole producer and
the monopsonist is the only buyer. Both are firm to maximize
their individual profits. The actual quantity sold and its price
depends upon the relative bargaining strength of the two. The
price tends to settle down between the monopoly price and
monopsonist price.

Monopolistic competition
Monopolistic competition is a form of market structure in which
a large number of independent firms are supplying product that
are slightly differentiated from point of view of buyer. This
situation arises when the same commodity is being sold under
brand names e.g. lux, rexsona, dove etc. each firm is sole
producer of particular brand. They are monopolist as far as that
particular brand is concerned. Since various brands are close
substitutes, there is keen competition with each other.

Product differentiation
It does not mean that the product of various firms are
altogether different, they are slightly different which means
they are close substitutes. They are not identical as in perfect
competition but neither are they remote substitutes as in
monopoly. The products are fairly similar and serves as close
substitutes for each other
Two bases of product differentiation
1. Characteristic of the product- such as features,
trademark, trade names etc. real quantitative difference
like those of material used, design and workmanship are
no doubt important means of differentiating products. But
imaginary difference created through advertising, the use
of attractive package, brand name are more usual
methods by which products are differentiated even if
physically they are identical or almost so.
2. Condition surrounding the sales of the product- the
service rendered in the process of selling the product by
one seller is not identical to that of the other. E.g. seller’s
reputation of fair dealing, efficiency, general terms, his
way of doing business, seller’s location etc.

Selling cost and advertisement

Under monopolistic competition, the firm often competes

through selling cost and advertisement expenditure. To
increase the demand for their product and thereby increase the
revenue made. The selling cost is broader than advertisement
expenditure, where as advertisement expenditure includes cost
incurred only on getting the product advertised in newspaper,
magazines, radio, television but selling cost includes the
salaries and wages of salesmen, allowance to retailers for the
purpose of getting their products displayed and so many types
of promotional activities besides advertisement.
 Production cost is the cost of production includes all those
expenses which are incurred to manufacture and provide a
product to meet the given demand or want, while the selling
cost are those which are incurred to change, alter or create the
demand for the product. It should however be noted that the
distinction between production costs and selling costs cannot
always be sharply made e.g. it is difficult to say whether the
extra cost of attractive packaging is production cost or selling
cost, since purpose of advertisement is to increase or create
the demand for the product.

Importance of selling cost

Under monopolistic competition with product differentiation

the advertisement and other selling cost becomes important as
a competitive weapon at the disposal of the firm to increase the
sales at the expense of the other. This is because the products
are close substitutes; each firm tries to convince the buyer that
its product is better than the other in the industry. A firm under
monopolistic competition may keep its price and product
design constant and seek increase in demand fir its product by
increasing the amount of advertisement expenditure and
through it persuading

In oligopoly the competition between the few

Characteristics
1. Interdependence- the most important feature of oligopoly
is the interdependence in decision making between the
few firms which comprises the industry. When the
numbers of competitors are few, any change in price,
output etc by a firm will have direct effect on the rivals
which will then retaliate in changing their own prices.
2. importance of selling cost and advertisement- a direct
effect of interdependence of oligopolies is that the various
firms have to employ various aggressive marketing
weapons to gain a greater share in the market or to
prevent a fall in the share for which the firms have to
incur a great deal of cost on advertisement and other
measures of sales promotion. Thus, there is great
importance for selling cost and advertisement
3. Group behavior- perfect competition, monopoly and
monopolistic pose no problem of making suitable
assumption about human behavior. Assumption of profit
 maximization gives overall good results in these
situations where mass of people are involved and there is
no interdependence of the firms. But in oligopoly the
theory of group behaviors is important as there is
interdependence between the members of the group. Do
they form a group and agree to pull together in promotion
of common interest or will they fight to promote their
individual interest.

Indeterminateness of demand curve

The demand curve shows what amount of the product a firm

will be able to sell at various prices. In case of other market
situation we can have definite demand curve but under
oligopoly the interdependence of the firm. Under oligopoly the
firm cannot assume the rivals will keep their price unchanged,
so the demand curve faced by oligopolistic firm loses its
definiteness. Since, it goes on constantly shifting as the rivals
change the prices in reaction to price changes by firm.

Is price and output under oligopoly indeterminate?

The interdependence of firms and uncertainty about the

reaction patterns of individual reaction patterns of individual
rivals, the easy and determinate solution to the oligopoly
problem is not possible

1. in the market situation wide variety of behavior pattern

are possible, rivals may decide to get together and co-
operate or at the other extreme, they may try to fight
each other to death.
2. another difficulty is indetermination of demand curve
facing individual firms, because of the interdependence of
oligopolistic firm cannot assume that its rivals firm will
keep their price and quantity constant, when it makes
change in its price. Therefore an oligopolistic firm cannot
have sure and definite demand curve, since it keeps
shifting as the rivals change their prices in reaction to the
price changes made by it.

The determinate solution to the oligopoly problem has been

provided in the following ways –
 1. oligopolistic firm ignores interdependence. Now when
interdependence disappears from decision making of the
firms, the demand curve facing them becomes
determinate and can be ascertained
2. second approach to provide determinate solution to the
price and output problem of oligopoly is to assume that
the oligopoly firm is able to predict the reaction pattern
and counter moves of the rivals
3. Third approach assumes that the oligopolistic firms
realizing their interdependence will purse their common
interest and will form collusion and enter into agreement
and work in common interest. They will maximize the
joint profit and share the profit, market or output as
agreed between them.
4. Another approach is the game theory – in the theory of
game, an firm does not guess at its rivals reaction pattern
but calculates the optimal moves by rival firms that is
their best possible strategies and in view of that adopt its
policies and counter moves.

Collusive oligopoly

Setting price independently is rare in oligopoly markets. This

understanding or agreement among the oligopolistic may be
either formal or informal. A formal agreement is one when the
oligopolist after consultation and discussion agree to observe
certain common rules of conduct in regard to price. They may
make a written agreement which may also provide for penalties
to those who violate the agreement reached.
Tacit or informal agreement is without face to face contact,
consultation or discussion they come to have some
understanding between them and pursue a uniform policy with
regard to price output etc. in order to avoid price war and cut
throat competition, they enter agreement regarding a uniform
price-output policy to be pursued by them.

Collusive oligopoly is of two types

1. cartels
2. price leadership

Cartels
In cartel type of collusive oligopoly price is jointly fixed and
output policy through agreement.

Joint profit maximization

Let us assume that two firms have formed a cartel by entering
into agreement, we also assume that the cartel will aim at
maximizing joint profit for the member firms. As the demand
curve facing a cartel will be aggregate demand curve facing
consumers of the product, it will be downwards sloping. Joint
profits are maximized by fixing the industry output at the level
at which marginal revenue curve intersects the marginal cost.
having decided the output to be produced, the cartel will a lot
output quota to be produced by each firm as that the marginal
cost for each firm is the same, the profit made by individual
firms will not be retained by them but instead they will be
brought under a common pool. These profits will be divided by
the member firms according to the terms of agreement reached
between them at the time of forming the cartel. The allocation
of output quotas of each of them is made on the grounds of
minimizing costs and not as a basis for determining profit
distribution.

Market sharing cartels

Under market sharing by non-price competition only on uniform
price is set and member firms are free to produce and sell the
amount of output which will maximize the individual profits.
Though the firms agree not to sell at a price below the fixed
price, they are free to vary the style of their product and
advertisement expenditure. Of the different member firms have
identical costs, then the agreed uniform price will be the
monopoly price which will ensure the maximization of joint
profits. But if the cost differs, the cartel price will be fixed by
bargaining between the firms. The level of the price will be
such that it ensures some profits to high cost firms. With cost
difference the cartels are quiet unstable. low cost firms will
have incentives to cut he price and increase their profits and
therefore that will led to break away from cartel. However they
will not openly charge low price but by giving secret price
concessions to the buyers, when this is discovered and open
war may commences and the cartel breaks.
Market sharing by quotas
This type of market sharing cartel is the agreement reached
between the firms regarding quota of output to be produced
and sold by each of them agreed price. When costs of member
firms are different, the different quota for various firms will be
fixed and therefore their market share will differ. The quotas
and market shares in case of cost difference are decided by
bargaining between the firms. The quotas and market sharing
is the division of market region-wise that is geographical
division of the market between the cartel firms.

Price leadership

Price leadership is the important form of collusive oligopoly

1. Price leadership by low cost firm – in order to maximize

profit the low cost firm sets a lower price then the profit
maximizing price if the high cost firms. Since the high cost
firms will be unable to sell their product at the higher
price, they are forced to agree to the low price set by the
low cost firms. The low cost leader will ensure that price
he sets must yield profits to high cost firms

2. Dominant firm price leadership – this dominant firm yields

a great influence over the market of the product while
other firms are small and are not capable of making any
impact on the market. As a result a dominant firm
estimates its own demand curve and fixes prices which
maximize its own profit. The other firms which are small
having no individual influence on the price follow the
dominant firm and accept the price set by him, adjust
their output accordingly.

3. Barometric price leadership- under which in old,

experienced, largest and the most respected firm assumes
the role of custodian who protects the interest of all. He
assesses the change in the market condition with regard
to the demand for the product, cost of production,
competition from the related product etc and makes
changes in the price which are best from the view point of
all firms in the industry.

4. Exploitation or aggressive price leadership – under which

a very large and dominant firm establishes its leadership
by following aggressive price policies and thus compels
the other firms in the industry to follow him in respect of
price. Such a firm will often initiate a move threaten to
 compete the other out of the market, if they don not
follow him in setting their price.

Kinked demand curve

In oligopoly price remains sticky that is there is no tendency

on the part of the firm to change price of the commodity
even if the economic condition under go changes.
The demand curve facing an oligopolist has a kink at the
level of prevailing price. The kink is formed at the prevailing
price level because the segment of demand curve above the
prevailing price is highly elastic and the segment of the
demand curve below the prevailing price is less elastic.

A kinked demand curve dD with a kink at point P has be

shown. The prevailing price level is OP and the firm is
producing and selling the output OM. Now, the upper
segment dk of the demand curve dD is relatively elastic and
the lower segment KD is relatively inelastic. Each oligopolist
believes that if he lowers the price below the prevailing
price, his competitor will follow him and will accordingly
lower their prices, where as if he raises the price above the
prevailing price level, his competitors will not follow his
increase in price. Rivals will not match his increase in price
above the prevailing level; they will indeed match its price
cuts.

1. Price reduction – if the oligopolist reduce its price below

the prevailing price level on order to increase his sales,
the competitor will fear the customers will go to other
firms who has reduced the price, so to retain the
customers he has match the rice cut. The competitor will
quickly follow the reduction in price by the oligopolist, he
 will gain in sales only very little, which means the demand
is inelastic below the prevailing price. Demand from D to
k which lies below the prevailing price is inelastic as very
little increase in sales can be obtained by a reduction in
price by an oligopolist.

2. Price increase – if an oligopolist raises his price above the

prevailing level, there will be substantial reduction in his
sales. This is because as a result rise in price many of his
customers will withdraw from him and will go to his
competitor who will welcome them and will gain in sales.
These happy competitors will have no motive to match
the rise in price, so small increase in price is followed by
large reduction in sales above the prevailing price that is
why the demand curve dk tend to be highly elastic.

Price does not always remain sticky

The kinky oligopoly demand curve theory, dose not follow that
the price always remains the same. Whenever the costs and
demand conditions undergo changes and when it is likely to
remain inflexible in the face of changing costs and demand
conditions is explained below
1. Decline in costs- when the cost of production declines, the
price is more likely to remain stable. When the cost of
production falls, then the segment of demand curve above
the prevailing current price will become more elastic
because with lower costs there is a greater certainty that
in increase in price by oligopolist will not be followed by
the rivals and thus will cause greater loss in sales. On the
other hand the lower segment of the demand becomes
more inelastic as there is great certainty that reduction is
price will be followed by the rivals.

2. Rise in price – if there is a rise in the cost, the price is not

likely to stay rigid. When there is rise in the cost of the
industry an oligopolist can reasonably expect that his
increase in price will be followed by the other in the
industry. As a result, the segment of the demand curve
above the prevailing price will become less elastic.

3. Decrease in demand – prices are likely to remain

inflexible and not fall when the demand decreases, it
becomes more certain that if one oligopolist decreases the
 price, others will follow with the reduction, as a result the
lower segment of the demand curve which below the
prevailing price becomes more inelastic.

4. Increase in demand – when the demand increases, the

price is unlikely to remain stable instead price is likely to
rise. An oligopolist can expect that if initiates the
increases in price, his competitor will most probably
follow him. Therefore, the upper segment of the demand
curve will become less elastic.

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