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Is Dreamworld Exist In A Perfect Competition Environment

1046 words - 4 pages

Nowadays, a lot of businesses are running under the different market structures. In fact, there are four different types of market structures operating in the real world market competition. In order to lay out them, they are perfect competition, monopoly, monopolistic competition and oligopoly. In this essay, it will determine the differences between the perfect competition model and the Theme Park industry. The perfect competition can be defined as a market structure characterized by a large number of small firms a homogenous product and very easy entry and exit from the market in comparison, the Theme Park industry can be defined as a large outdoor area where people pay to go to enjoy themselves. All the different attractions in a theme park are usually based on the same idea or theme which apply to the oligopoly market structure. The following essay will be discussed under the aspects: market structures, policy of theme park and the economic theories.In the first place, there are some differences between the perfect competition and the oligopoly market structure. Firstly, business which is running under the perfect competition market structure, there is a large number of small firms, each firm acts independent rather than coordinating decision collectively. For instant, there are thousands of fruit farms in Australia, under the competition any single farm raises or lowers their price; the going market price for each kind of fruit is unaffected. In addition, if the product belongs to a homogenous, then the buyers are indifferent as to which seller's product they buy. This means the good or service of each firm is identical. all firms produce as standardized product in the market place. Thirdly, it is very easy for a new firm to enter the market and also for some firms to exit. In other words, there are no contractures or legal reasons why it must continue, the perfect competition requires that resources be completely mobile to freely enter or exit a market. In comparison, the theme park industry applies to oligopoly market structure. Oligopoly is the competition among a few sellers. Another way of saying it is that buyers in an oligopolistic market could or could not be indifferent as to which seller's product they buy. Similar to monopoly, formidable barriers to entry in an oligopoly market protect firms from new entrants. These barriers include large financial requirement, legal barriers such as licenses required by the operator of banks and hotels. These differences are related to the policies of the oligopolist in pricing and marketing strategies in the real world.In the second place, the policies of Theme Park industry are the pricing and marketing strategies. They significantly affect the theme park industry in the real world. The behaviour of oligopolists is so like that of players of a game that this market structure is often analysed by a specialized discipline called game theory. Non-price competition is wildly used by the theme park...

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