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1、DifferentMarketStructureandtheirEffectsonConsumersandProducersMonopolisticcompetitionandoligopolymarketstructureexistinsomebusinessareasinoursociety.Asthesocietydeveloped,moreandmoredifferentgoodscomeintoourlife.Whenpeoplechoosegoodsthattheywant,somepeoplemakedeci
2、sionsbasedonthegood’sprice,andanotherpeoplechoosegoodsdecideontheperformanceoftheproducts,forexample,somepeoplejustuseexclusivecosmetic,thissituationiscalledbrandloyalty(IsonandWall,2006,p148).Thisessaywillshowwhichmarketstructureisbetterforconsumer.Firstly,thises
3、saywilldefinethemonopolisticcompetitionmarketstructureandoligopolymarketstructure.AfterthedefinitionsIwillshowtheireffectsonconsumersandproducer.Finally,thisessaywillcomparethetwomarketstructures.Firstly,thisessaywillgivedefinitionsofmonopolisticcompetitionmarkets
4、tructure.Asthetermsuggests,thetheoryofmonopolisticcompetitionincorporatesfeaturesofbothperfectcompetitionandmonopoly(SamuelsonandMarks,2006,p455).Thesameastheperfectcompetitionmarket,therearemanysellersinthemonopolisticcompetitionmarket.However,“unlikeperfectcompe
5、titioneachfirmproducesgoodsandserviceswhichareslightlydifferentfromthoseoftheircompetitors”(Ison,andWall,2006,p147),forinstance,differentfirmsproducethesimilarproductshavedifferentperformanceanddifferentpackaging.Insuchamarket,manyconsumershaveaproduct-dependent,t
6、herefore,“firmsinthemonopolisticcompetitionmarkethaveacertaindegreeofmonopolypower,sothatiftheyraisetheirpricetheydonotlosealloftheircustomers”(Ison,andWall,2006,p148).Intheshort-run,somefirmshavetheirownmonopolystatusinsomeconsumersandtheshort-runequilibriumissim
7、ilartothatofamonopolyinthemonopolisticcompetitionmarket.5Oligopolyreferstothereareonlyasmallnumberofsellersinthemarket,infact,thenumberoffirmsinanoligopolymarket“maybeassmallastwoorasmanyaseighttoten”(SamuelsonandMarks,2006,p473).Thosefewfirmscontrolthewholemarket
8、,andthegoodssuppliedbythesefirmsaccountedforthelargestshareofthemarket.“Inthissense,thefatesofoligopolyfirmsareinterdependent”(SamuelsonandMarks,2006,p4
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