Economics Market Structures?

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Doing Economics outside of school and revising over Market Structures before I go back to school (boredom rules :pac:). I'm just looking for advice regarding the market structures and am just wondering if I need to cover any more than what I write here.

I've decided to dismiss Oligopoly, is this ok?. For the others i'm planning on learning the following

Perfect Competition

• Definition of Perfect Competition with example Wheat Suppliers- USA
• What is a Homogenous good
• Price-taker
• Short and long run supply curve
• Assumptions (5)
• Demand curve faced by firms
• Short run equilibrium position
• Long run equilibrium position
• Loss situation diagram
• Impact entry of new firms would have on equilibrium position of firms
• Advantages of perfect competition
• Why firms don't advertise, Generic advertising

Monopoly

• Definition of monopoly
• Product differentiation and examples
• Price discrimination
• Assumptions (4)
• Barriers to entry (5)
• Monopoly earning normal profit
• Loss situation monopoly
• Long run equilibrium position and explaination
• Advantages of monopoly
• Disadvantages
• Long run equilbrium of a price discriminating monopolist
• Deregulation and how it effects consumers/ employees/ profits of existing firms

Imperfect Competition

• Assumptions
• Short run equilibrium
• Loss situation diagram
• Long run equilibrium
• Advantages
• Disadvantages
• Effect of product differentaion on AR & MR curves of a firm
• Perfect competition and Imperfect comparison
• Monopoly and imperfect comparison

Is that enough?. If you have any other tips/ advice please do reply!

Thanks

LoonyLovegood

That sounds good. For perfect competition, use an Irish example, examiners tend to like them! Something like carrots and a supermarket chain.

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CTYIgirl wrote: »

That sounds good. For perfect competition, use an Irish example, examiners tend to like them! Something like carrots and a supermarket chain.

Would Carrot suppliers be a good example for Perfect competition then?. What market structure would you suggest using the supermarket chain for?. Also do you think it is ok for me to leave out oligopoly completely?

eVeNtInE

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eVeNtInE wrote: »

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Do you think so?. They never have repeated a market structure before though?.

rosskind

If you are planning on doing the market structure question then I wouldn't leave it out. They were never repeated because they only used to put one up but since they've started mixing them it's likely that some will be repeated. (If two come up one year, then by that reckoning you would know the two coming up the next year, and then the first two would come up again etc etc etc...)

You could always do other questions if you get unlucky, but is it really worth it to leave out one (smallish) sub-chapter?

eVeNtInE

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PictureFrame

Thanks for the advice! Yeah I would be hoping to do the Market Structure Q, Factor of Production, National Income, Trade and maybe Government and Taxation!. I actually noticed that in both 1996 and 1997 OL Perfect Competition came up!. They might try and repeat the market to throw people!.

Just wondering for the FOP'S would it be advisable to leave out capital?. I was hoping land would come up, as it's only been on once in the last 16 years!. And it's pis* easy too to be honest! :-). Any other advice for Economics?

magicianz

Just one thing i spotted on a scan, there are no examples of perfect competition. If wheat farmers put their prices up by 1 dollar per tonne, they would still sell wheat, just not as much. Therefore it is not perfect competition.

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magicianz wrote: »

Just one thing i spotted on a scan, there are no examples of perfect competition. If wheat farmers put their prices up by 1 dollar per tonne, they would still sell wheat, just not as much. Therefore it is not perfect competition.

^

I think the Wheat industry is under Perfect Competition because the Suppliers are Price takers! i.e. Each firm supplies such a tiny fraction of the market it can't influence the market price!