Imperfect competitionIn economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfill all the necessary conditions of a perfectly competitive market. Imperfect competition causes market inefficiencies, resulting in market failure. Imperfect competition usually describes behaviour of suppliers in a market, such that the level of competition between sellers is below the level of competition in perfectly competitive market conditions.
Monopolistic competitionMonopolistic competition is a type of imperfect competition such that there are many producers competing against each other but selling products that are differentiated from one another (e.g., branding, quality) and hence not perfect substitutes. For monopolistic competition, a company takes the prices charged by its rivals as given and ignores the effect of its own prices on the prices of other companies.
DuopolyA duopoly (from Greekδύο, duo'two'; and πωλεῖν, polein'to sell') is a type of oligopoly where two firms have dominant or exclusive control over a market, and most (if not all) of the competition within that market occurs directly between them. Duopoly is the most commonly studied form of oligopoly due to its simplicity.Cournot competitionOligopolyAn oligopoly (from Ancient Greek ὀλίγος (olígos) 'few' and πωλέω (pōléō) 'to sell') is a market in which pricing control lies in the hands of a few sellers. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function.Bertrand competitionBertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set.OligopsonyAn oligopsony (from Greek ὀλίγοι (oligoi) "few" and ὀψωνία (opsōnia) "purchase") is a market form in which the number of buyers is small while the number of sellers in theory could be large. This typically happens in a market for inputs where numerous suppliers are competing to sell their product to a small number of (often large and powerful) buyers. It contrasts with an oligopoly, where there are many buyers but few sellers.
Joseph BertrandJoseph Louis François Bertrand (French pronunciation: [ʒozɛf lwi fʁɑ̃swa bɛʁtʁɑ̃]; 11 March 1822 – 5 April 1900) was a French mathematician and historian of science whose work emphasized number theory, differential geometry, probability theory, economics and thermodynamics. He lends his name to various paradoxes in mathematics and economics—Bertrand's paradoxes— and to Bertrand's theorem on the stability of celestial orbits.
AirbusAirbus SE ( AIR-buss; French: [ɛʁbys] ; German: [ˈɛːɐ̯bʊs] ; Spanish: [ˈejɾβus]) is a European aerospace corporation. While the company's primary business is the design and manufacture of commercial aircraft, it also operates separate divisions for Defence and Space and Helicopters. Airbus has long been the world's leading helicopter manufacturer and, in 2019, emerged as the world's largest manufacturer of airliners.
BoeingAmerican aerospace and defense corporationThe Boeing Company ( ) is an American multinational corporation that designs and manufactures airplanes, rotorcraft, rockets, satellites, and missiles worldwide. The company also provides leasing and product support services. Boeing is among the largest global aerospace manufacturers; it is the fourth-largest defense contractor in the world based on 2022 revenue and is the largest exporter in the United States by dollar value.
Antoine Augustin CournotAntoine Augustin Cournot (French:; 28 August 1801 – 31 March 1877) was a French philosopher and mathematician who contributed to the development of economics. BiographyAntoine Augustin Cournot was born on 28 August 1801 in Gray, Haute-Saône. He entered the preparatory school at Collège de Gray in 1809, where he studied until the age of 15. He later studied at Collège Royal de Besançon.
EconomicsSocial science studying goods and servicesEconomics () is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as the basic elements of economies, including individual agents and markets, their interactions, and the outcomes of those interactions.*As an Amazon Associate I earn from qualifying purchases.