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MARKET STRUCTURE: The manner in which a market is organized, based largely on the number of firms in the industry. The four basic market structure models are: perfect competition, monopoly, monopolistic competition, and oligopoly. The primary difference between each is the number of firms on the supply side of a market. Both perfect competition and monopolistic competition have a large number of relatively small firms selling output. Oligopoly has a small number of relatively large firms. And monopoly has a single firm.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 14 of 20

Topic: More Demand and Less Supply <=PAGE BACK | PAGE NEXT=>

Here we have demand increasing (higher income) and supply decreasing (number of sellers declines).
  • An increase in demand causes an increase in both price and quantity.
  • A decrease supply causes price to increase and quantity to decrease.
  • The combined effect is an obvious increase in price but a questionable change in quantity.
  • At the new equilibrium the quantity is indeterminant.
  • If demand shifts relatively more than supply, quantity is greater.
  • If demand shifts relatively less than supply, quantity is less.

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MARGINAL UTILITY

The additional utility obtained from the consumption or use of an additional unit of a good. It is specified as the change in total utility divided by the change in quantity. Marginal utility indicates what each additional unit of a good is worth to a consumer and provides a theoretical basis for understanding market demand and the law of demand. Marginal utility generally declines with increased consumption of a good, a reflection of the law of diminishing marginal utility.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for the happiest person in the room.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

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