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The Positive Economist Susan Hayes PDST Economics Conference

The Positive Economist Susan Hayes PDST Economics Conference. Economic Conference Markets 2 nd Oct 2010. Markets. Perfect Competition Monopoly Monopolistic Competition Oligopoly. Perfect Competition. Who dictates price?. The Consumer The Industry The Retailer

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The Positive Economist Susan Hayes PDST Economics Conference

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  1. The Positive Economist Susan HayesPDST Economics Conference Economic Conference Markets 2nd Oct 2010

  2. Markets • Perfect Competition • Monopoly • Monopolistic Competition • Oligopoly

  3. Perfect Competition

  4. Who dictates price? • The Consumer • The Industry • The Retailer ... hence participants are a price taker

  5. Does perfect competition exist? • In practice it is impossible to find absolutely “perfect competition” • Illustrative Examples: • Vegetables in supermarket • Convenience Stores (Gala, Mace, Centra) • Google, Bing, Yahoo!

  6. Monopoly

  7. How do Monopolies arise?

  8. A threat to Google’s Monopoly?

  9. Does a monopoly provide an incentive or disincentive to innovate? • No competition? • Protecting the status of a monopoly • Lure of access to a monopoly “The Tracker Mortgage” – Bank of Scotland, Ireland

  10. Monopolistic Competition – The most common form of competition?

  11. How can ‘one separate themselves from the crowd’ ? • Advertising • Ryanair • 8202020 Cabs • Bank of Ireland Ads (with subtitles) • Service • Minstrel on the side of my coffee • Tea when you arrive at a B&B • Google Instant • Product • Burger.... “Happy Meal” • Green Energy Lightbulbs • (Extra) Low Fat Cream Cheese

  12. Oligopoly….. • “dominated by a few very large firms” • .... “depends on your market”

  13. Examples • Local Pubs, Butchers, Shopkeepers • ESB, Airtricity, Bord Gais • Vodafone,O2, Meteor

  14. Barriers to Entry

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