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The Positive Economist Susan Hayes PDST Economics Conference

Delve into the realms of perfect competition, monopoly, monopolistic competition, and oligopoly to explore who dictates prices, market dynamics, and barriers to entry. Discover how monopolies arise, the incentives for innovation, and the essence of monopolistic competition in a practical world.

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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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