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If you are a student of economics, you must be having all the knowledge about different types of market structures and market conditions. In fact to be a good economist the one thing which is very important is to have a firm grip over all these market structures. Market power: monopoly and monosony homework help online can definitely help you in this.
These market structures play a very important part in any economy, and basically, organizations decide about the price of particular product or service keeping in mind these market conditions.
Perfect completion, monopoly, oligopoly and monopolistic completion are some major examples of market structures, where monopoly is actually a perfect example of market power. Market power: monopoly and monopsony assignment help online can give you a better insight about all these market structures and that too in detail.
What is Market Power?
Market power as the name suggests is a market structure where organizations have total control over the price of the product or service.Organizations have right to raise the market price of any product by just manipulating its supply or demand or may be both.
Market power basically describes a market situation where organizations are free to determine the price for their product or service. Hence, the organizations who possess market power are price makers instead of price takers.
Monopoly and monopsony situations perfectly describe market power. Understanding the whole concept of market powers including monopoly and monopsony situation is very important though.
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Monopoly and Monopsony – Definition
- Monopoly
Monopoly can be defined as a market structure where there is only one seller of a particular product or service in the market. The entry of new seller is prohibited in this kind of markets.
- Monopsony
Monopsony can be defined as the market structure where price is determined by the very large number of buyers. Here buyers actually dominate the prices, unlike monopoly.
Monopoly and monopsony both are situations of market power where in monopoly sellers predominantly are responsible for price determination. On the other hand, in monopsony majorly price is determined by buyers.
Understanding the concept of Market power needs in depth knowledge of all the market situations and specifically about monopoly and monopsony. Students can go for market power: monopoly and monopsony assignment help for a prompt solution.
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