A Comprehensive Guide on the Market Competition by Economics Assignment Help Experts

Have you ever been stuck in the middle of your economics assignment? Are you making your economics assignment on the market competition topic? Don’t you have enough knowledge about the competitive market in the economy? If yes, you have come to the right place because this article aims to provide you with the best economics assignment help.

What makes the market competitive?

Before moving on further, let us understand the meaning of market and market competition. Well, a market is a physical or virtual place where the consumers and the buyers meet in order to complete the process of buying and selling conveniently. Well, we have seen that there are many sellers and buyers in the market, so it means every seller has some product, whereas it may be possible that these products can be heterogeneous or homogeneous. This makes a difference in their prices. Thus this leads to market competition.

According to online economics assignment helpers, a competitive market is one that has a large number of sellers that are selling the homogeneous products in the market. A competitive market is when many sellers in the market sell almost similar characteristics of products or maybe the differentiated product but help satisfy the needs of the customers. Profit, diminished ability, rivalry, excludability, and reject ability are five primary traits they fulfill in this way.

What are the different types of competition in the marketplace?

Well, as per the online economics assignment helper, there are two types of competition that are found in the market.

Direct competition

When you start thinking about the marketing competition, direct competition is the first word you come across. In this competition, the businesses are in the same market that provides the same services for the same clients. Assume your marketing agency mostly serves eateries in South India. There are definitely other firms in South India that specialize in restaurant marketing, and those firms would be your direct competitors. Direct competition will exist in even the tiniest marketplaces, which is necessary to avoid monopolies.

Indirect competition

The type of market competition that indirectly targets the consumer of the same market by providing them with the more substitutes products with great attributes is called indirect competition. The commodities that are offered complete the consumer need in the same way the original product does, but it has a different feature.

Economics assignment help experts will give you some common tips and tricks by which you can easily identify the target market and its competition in order to represent that in your assignment and get the HD grades.

Different structures of markets on which you can make the economics assignment Perfect (Pure) Competition

In economics, a market is known as perfect or in pure competition when the sellers sell almost identical products, i.e., homogenous with slight price differentiation among them. The market share does not influence the commodity's price in this structure, and there is no entry barrier. Thus, anyone can enter the market and start selling the product.

Monopoly Competition

In the monopoly market, it has been seen that there is only one seller in the whole market, and there is no other producer that is there who is selling another close substitute with it. Also, in this type of market competition, The firm is known as an industry, and there are high entry barriers in the market. It means any other firm that wants to enter the market is almost impossible since it requires high startup business costs, making it impossible for another company to enter the market. The personal economics assignment help experts explain the monopoly competition by taking the example of the Microsoft Corporation.

Monopolistic Competition

In this market structure, there is imperfect competition. Although there are many sellers in the firms who sell similar products, those products are differentiated in a way that customers can seek and go with a preferable one. Many sellers in this type of market offer very close substitute products to that of competitors but differ from one another.

Oligopoly market structure

The type of market structure with many small sellers who dominate the market is known as an oligopoly. In this, multiple companies combine and start working together to increase their mutual profit instead of doing the competition among themselves.

In all these four market structures, one can make their economics assignment. Since these are very important topics, and thus can boost your grades as well. So, if you want to know furthermore about the market structures, you can take the economics assignment help.

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