Market structure in an automotive industry
What type of a market structure in an automotive industry?
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There are many manners to explain market structure of automotive industry two of them are given below:
One of varied buyers makes the population and almost homogeneous sellers. This means that each one (the population) require a car (since a car is not a luxury item), however everyone has different wants (i.e.: contrast a mother of 4 to a construction worker). Therefore, buyers are everyone in population, and they are heterogeneous (different). But sellers are practically the similar Ford, GM, Nissan, Honda, Toyota, Chrysler and etc. all offer the same products. Therefore, they are homogeneous (or same).
Buyers with high brand-preference and highly marketed sellers this means that many automobile buyers have a brand loyalty, and seller market to promote its loyalty. A best example of this is Harley Davidson and Jeep. Amongst their owners both the businesses have produced a kind of community (I am sure as we have all seen two Jeeps passing and the driver’s wave at each other).
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A price-taker firm’s marginal revenue is: (w) constant and identical to price. (x) less than average revenue. (y) sufficient to cover all short-run costs. (z) determined by the firm’s supply curve. Discover Q & A Leading Solution Library Avail More Than 1428127 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1937855 Asked 3,689 Active Tutors 1428127 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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