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A monopolistically competitive market

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Many economists argue that more research, development and innovation occur in the oligopolistic market structure than in any other. Why?

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Different market structures provide different incentives for the players, and involve different entry and exit conditions. They also offer different levels of price control, and opportunities of profit: both accounting and economic. It is important to look at the statement in this light. In a very compact manner we can say that a competitive market, and a monopolistic market, are the two extremes that we see.

A competitive market has very low (almost zero) cost of entry and exit, offers no control over price, offers no economic profit, and no product differentiation. This group usually consists of generic products like grains, milk, eggs etc.

A monopolistically competitive market offers some economic profits in the short-run, but for all practical purposes it behaves in about the same way as a perfectly competitive market, and shares the same features of little to no control over ...

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A monopolistically competitive market is overviewed.

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Sporting Market Structures: Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets

Describe the market structure in which a typical professional sports team in or outside the United States (e.g. New York Yankees, Kansas City Wizards, New Jersey Nets, Manchester United, etc.) operates. Which structure Do they cleanly fit into (Monopoly, Oligopoly, etc.)? If yes, describe which one and support the conclusion you reached? If you believe they do not fit neatly into a structure, describe why not?

After you have reached your conclusion, examine and explain how, if at all, your conclusion changes if the scope of the marketplace changes, i.e., the area of consideration is narrowed or widened. The area of consideration may be the product or service under review, or the geographic area in which the product or service is offered.

Lastly, gather some information about a market structure called 'monopsony' and state why or why not that structure is relevant to the topic.

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