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pure monopoly
a market type with only 1 supplier
near monopoly
a market type with different suppliers but were one supplier controls/dominates the market
Farys has a tap water monopoly in Ghent
= legal monopoly
Garbage/waste collection monopoly in Limburg
= natural monopoly
A monopoly in bus/tram/metro transport in Flanders
= legal monopoly
technical monopoly
technical knowledge, knowhow (patent)
natural monopoly
economies of scale, control over production factors
legal/state monopoly
legal authorization (government)
strategic monopoly
competitor elimination (takeover, merger)
oligopoly
a type of market with a few suppliers that dominate the market
homogeneous oligopoly
homogeneous product ex. natural gas market
heterogeneous oligopoly
heterogeneous product ex. commercial banking market
price leader
a supplier in the market who has a relatively large influence on the pricing policies of the other suppliers
cartel
an agreement between companies designed to reduce competition between them. it’s usually not desired as it thwarts the principle of competition
price cartel
an agreement among firms not to sell products below a certain price
quantity or production cartel
an agreement between companies on the quantity of product each participant produces
rayon cartel
an agreement in which suppliers divide the sales market geographically
competition policy
seeks to ensure healthy, open and effective competition. this promotes the competitiveness of enterprises, offers consumer a rich variety of diverse quality products at competitive prices, and fosters innovation
monopolistic competition
market form with many suppliers, each offering a similar yet different product
examples of monopolistic competition
small retail (incl. horeca) & basic food products
