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Business Market Forms Essay

728 words - 3 pages

An oligopoly market structure has very few sellers of homogeneous or differentiated products; these types of market structures control the market via price, and have to consider the reactions of their competitors when handling their own pricing, output, and advertising decisions (McConnell, Brue, & Flynn, 2015, b). In addition, oligopoly market structures have significant obstacles, and have limited interdependence. Some examples of oligopoly market businesses includes: CMC Steel of Texas, Gerdau Long Steel North America, GE, Whirlpool, Hyundai, Toyota, John Deere, and KD Sales. All of which are the largest manufacturers of homogeneous and differentiated products. Therefore, functioning ...view middle of the document...

In fact, McConnell, Brue, & Flynn (2015) states that oligopolistic firms are “price makers” and they can set prices and output levels to maximize profits (p. 286). In addition, oligopolistic firms can devise strategies utilizing the game theory - analyzing interdependent behavior among oligopolistic entities, which can be utilized to maximize profit and function or they can just invade a rivals sector.
On the other hand, oligopolistic organizations have the tendency to be diverse, display other behavioral characteristics that involve: (1) interdependence, (2) price rigidness, (3) nonprice competitiveness, (4) mergers, and (5) collusion – the controlling of prices via secret meetings (McConnell, et al, 2015, a). This world has not seen or does not consist of a perfectly competitive market structure. Based on three factors: variety of the products sold on the market, the amount of buyers and sellers on the market, and the production aspects of the organization, Therefore, the market structure that I think will benefit consumers more than others depends on the nature of competition under the perfect competitive market structure (Perfect Competition, 2006). The perfect competitive market structure consists of reasonable or fair prices and a larger output of products for consumers to purchase; the businesses are known as price takers (McConnell, et al, 2015, b). As an example, we all...

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