market structures

Question 1

market structure

Answer 1

defines organizational conditions and attributes directing interactions of buyers and sellers

Question 2

factors of market structure

Answer 2

number/size of participants, produts variety, entry/exit barriers

Question 3

perfect competition

Answer 3

many firms, identical products, fully competitive

Question 4

monopoly

Answer 4

single sella, unique product, stronger pricing power

Question 5

oligopoly

Answer 5

few dominant firms, significant market control

Question 6

relevance to property industry

Answer 6

multiple structures can be seen, monopolies offer premium pricing, choice implications

Question 7

pricing strategies: cost-based

Answer 7

Price = Cost + Margin

Question 8

pricing strategies: value-based

Answer 8

prices based on perceived value

Question 9

construction industry

Answer 9

mix of small and large firms, specialised firms indicate monopolistic competition

Question 10

general construction

Answer 10

approaches perfect competition in private constructions

Question 11

civil engineering & public sector construction

Answer 11

displays oligopoly characteristics

Question 12

installation and completion

Answer 12

suggests monopolistic competition due to specialisation

Question 13

governments role

Answer 13

invest in infrastructure, support sustainable techniques. also simplify policy and regulation