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Individual Paper

In: Business and Management

Submitted By wdmgsquare
Words 1053
Pages 5
William Grier

ECO/365

Market Structures

Professor Peterson

University of Phoenix

September 25, 2013

Market structures allow companies in the same field to compete. Consumers benefit greatly from market structures by allowing consumers to pick and choose from many different producers. Monopolistic completion by definition is having a number of firms within a particular share of a market by having almost complete control of that market share. Duopoly by definition is when a market is dominated by two large firms. Monopsony by definition is when there is one specific buyer for a specific market. Oligopoly is when a market has a large number of sellers but only has access to a very few buyers. A monopoly occurs when there is one product or a service that is completely dominated by a single entity. Perfect competition occurs in a market structure that allows no barriers of entry. Governments implement practices to deter companies to create monopolies. A perfect market with globalization seems nearly impossible. To have a perfect market there are a few characteristics; selling companies are profit maximizing companies that operate on bottom line methods. Company products are similar and have to compete against each other. There are little to no barriers to enter the market. The number of competition is very large, and both sellers and buyers can adjust the price.

The company I choose is the Kroger Co. The Kroger Co. was started by Barney Kroger in 1883. He invested his life savings to open the first store in Cincinnati. The model was to offer a format that was aimed at satisfying customer ever-changing needs. Kroger now has now 2400 stores in 31 states serving two dozen formats. Kroger today ranks as one of the world largest grocery retailers. Kroger revolutionized the in-store bakery and still serve as a staple in the company. In 1901

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