Intervention to Control Mergers The?Competition & Markets Authority (CMA)?is the UK Government regulator tasked with ensuring that the creation of?monopoly power?is avoided & that consumers...
Diagrammatic Analysis of the Labour Market Labour market equilibrium?occurs where the?demand for labour (DL)?is equal to the?supply of labour (SL) The DL?is the demand?by firms?for workers The SL?i...
Factors Influencing the Supply of Labour There are?numerous factors?that influence the amount of labour supplied to a?particular industry Different factors?are present in different markets e.g. in ...
Factors That Influence The Demand for Labour The?labour market?is composed of?sellers of labour?(households) &?buyers of labour?(firms) Workers supply?their labour &?firms demand?labour The...
Characteristics of Contestable Markets A?contestable market?occurs when there is?freedom of entry?into a market & where?costs of exit are low A contestable market & competition are differen...
Monopsony Power A?monopsony?occurs when there is a?single buyer in the market A pure monopsony is actually very rare, however there are many cases where there is a?dominant buyer?in an oligopoly or...
Characteristics of Monopoly A monopoly is a market structure in which there is a?single seller There are no?substitute products The firm has?complete market power?& is able to set prices & ...
Characteristics of Oligopoly Most markets are?imperfectly competitive Most imperfectly competitive industries operate in an?oligopoly?market structure E.g., Banks, insurance companies, department s...
Characteristics of Monopolistic Markets The characteristics of?monopolistic competition?are as follows There are a large number of small firms:?each one is relatively small and can act independentl...
