Exploring The Island Of Tap Market Essay

Exploring The Island Of Tap Market Essay

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In order to fully understand the island of Tap’s market for corn, the broad term market structure must be defined. Market structure exists as the makeup of companies operating in a specific market. The two basic types of structures remain as perfectly competitive markets and monopoly markets. These exist as the two most basic and opposite forms of market structure, many other forms exist in between these two. Applying these two forms of structure to the corn market in Tap, results in different outcomes of both quantity of corn produced and price at which corn sells. The examination and application to Tap’s corn market will correspond with the two forms.
To begin, Tap’s corn market exists as a perfectly competitive market before the Mega Company intrudes. A perfectly competitive market exists under certain conditions. First, there must be many firms producing in the specific market, every firm remains small in size compared to the market. This condition, due to the small sizes of various firms, forces the firms to act as price takers. This implicates that no firm can make its own price. They must take the current market price. Second, firms able themselves to access easy entry or exit in the market. This means firms easily enter into the market or leave the market with no big setback or penalty. This produces as a fair way for any new firm to operate. Third, each firm in the market must produce the exact same product. This condition makes the selling price remain the same for all firms in the same market. Using these three conditions makes analyzing the Tap’s corn market much more simple. Before the Mega Company intrudes on the island’s corn market, the market remains perfectly competitive. This event happens due to the three cond...

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...ms. Overall, many different pros and cons result when implementing various kinds of market structure.
Outside of analyzing these two points, many other points exist in dealing with market structure. The two points discussed here just define the two opposite market structures. In the real world, every firm realizes where they locate on the so called market structure system. Also in the real world, perfectly competitive and monopolies are impossible to produce. In order to be perfectly competitive, many firms produce and sell identical products. This fact remains impossible to produce. For a monopoly, one company dominates the entire market for their specific product. The government sets regulations making it impossible for a company to run a pure monopoly. Since both extremes remain impossible to produce, firms exist in between the two divided market structures.

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