Oligopoly differs from other market structures not in the number of agents, but in the type of their behavior, where the central element is the competitors’ reaction to the firm actions. Thus, the oligopolistic firm must take into account not only the reaction of consumers but also the response of its competitors.
What is the labor market?
Monopolistic competition is a type of industry market in which many enterprises sell differentiated products (unique in their industry and have some qualities that consumers value), as well as exercise control over the price of the goods they produce.
The term “monopolistic competition” and the description of this market model were introduced by Edward Hastings Chamberlain in his work “The Theory of Monopolistic Competition” in 1933.
Non-price competition is carried out by improving the quality of products and the conditions of their sale.
The purpose of non-price competition is to organize the production of new types of products, expand the range, improve and update products, find ways to improve product quality and reliability, and its appearance, change payment terms, and improve marketing techniques.
Microeconomics is a branch of economic theory that studies the activities of individual economic entities.
On the one hand, the science of microeconomics explains how decisions are made by individual economic entities. On the other hand, it studies the interaction of economic entities in the process of formation of industry markets.
Exchange rates, unemployment rates, and stock returns are only a small part of the macroeconomic processes that shape the economic environment in which we live. It turns out that macroeconomics affects the daily life of each of us, and knowing its basics is not of value exclusively for entrepreneurs.
Understanding the general principles and fundamentals of macroeconomics is necessary for everyone: a consumer, an investor, a worker, and, of course, an entrepreneur.
Labor is the most important factor of production and the main source of income for the economically active part of the population. Various types of income related to labor activity account for up to 75% of national income in developed countries.
The market always consists of buyers and sellers who form the supply and demand for a particular product or service. In this regard, the labor market is no exception: employers provide the demand for labor, and workers provide the supply.