Learn More about the Imperfections of a Market with Market Imperfections Assignment Help
The theory of market imperfections is a bit complicated as no markets in the real world are perfect. Every market has various imperfections. As an economist, you will have to go through the perfect competition model for implementing the economic activities of your market. Hence, to know more about this, you can check market imperfections homework help at myhomeworkhelp.com. We will provide you with more information about the topic. It will help you in gaining knowledge about it and solving your home tasks.
Market imperfections are caused when the seller sells goods that are distant in the market. In this way, they earn profits. The one who earns more attracts more customers and incurs profit. The one who loses exits the market. Hence, an imperfect market is a scenario in which the goods sold by the dealer are non-identical to that of the perfect market. Market imperfections assignment help will let you know more about the imperfections in the market.
Features of Market Imperfections
Market imperfections homework help also states some of the features of imperfections in a market. They are:
Markets contain a large number of small-scale sellers and buyers. They can’t influence the market price or others as an individual. Increase or decrease in out of a particular firm can’t affect other sellers. No single buyer can change the price by their actions, as there is a significant number of customers involved.
The cost of selling is an important characteristic of market imperfection. Firms use the sale cost to convince customers to alter their preferences, to raise product demand. Since a lot of people don’t have the knowledge about the market, it’s easier for sellers to manipulate the cost of selling.
The product of two suppliers may be similar but not exactly same. For product quality, service, amount, price customers choose a particular one, even if there are lots of similar products available on the market. Each buyer has their taste or preference.
Firms can enter the market freely and sell their product, increase the supply of some goods or replace any similar product, which customers have interest on it previously. Similarly, they can leave the market at any moment irrespective of loss or gain.
Each firm can decide the price of its product, which may impact on market price and demand for similar products by other sellers. By controlling the price firms can persuade customers to show particular interest in their product.
The monopoly of a particular seller on its product decides the price and a chance to substitute it with a similar product of others, which results in a competition between firms to attract the customers and gain profit.
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