An overview of several important concepts of microeconomics relating to competition.
Written in 2002; 1,559 words; 4 sources; MLA; $ 51.95
Paper Summary:
This paper examines the two types of competition, perfect and imperfect competition, as well as the various concepts regarded as subdivisions of these concepts. The paper also examines Michael Porter's five forces model, which is based on these economic concepts of competition. It shows how Porter offers an insight into the intensity of competition and focuses on the factors that affect rivalry between firms in any industry.
Paper Outline:
Introduction
Perfect Competition
Oligopoly
Monopolistic Competition
Porter's Five Forces Model
Barriers to Entry
Rivalry
Consumer Power
Threat of Substitutes
Competitive Advantage
References
From the Paper:
"Porter explains that barriers to entry play an important role in determining the intensity of competition within an industry. When few players exist and there are high restrictions placed on the entry of the new firm, the existing companies might become less competitive as they are certain of their market share and feel that no new entrant can threaten their position. On the other hand, if there are no barriers, competition can be absolutely intense, giving rise to extreme rivalry and constant change in prices or marketing strategies. Barriers can range from government restrictions to inherent limitations such as high cost of machinery or equipment needed for that business etc."
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