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Word Count: 1,816
Consumer always face the problems of not knowing which stores sell a good at the lowest price and how quality varies across brands They know that price do vary on a same product across brands but they do know not what that price difference represents for the better qualities that product possess But are these better qualites worth paying that extra difference in price If consumers are provided by perfect information about product prices attributes or quality their buying behaviour can be altered and thereby affects market structure In relation to simple economics market structure theory perfect competition is a market structure in which both the supplier and consumer have perfect information about the product consumers therefore have to power to choose the cheapest product Firms are then forced to lower their price to an optimal level in order to compete and profits are also reduced to a minimum as a result However in real life the existence of a perfect competition seems impossible and only limited information is available to consumers Hence firms may have the incentives to reduce consumers information in order for them to gain abnormal profits Digital cameras have become the new chapter in the photography industry Not only they carry the same functions of a normal camera ie taking pictures no film and development is needed special effects can be added short movies can be videoed and best of all pictures can be duplicated and passed on at just a click of a button The only disadvantage they possess is that they cost a lot more than a normal camera and not everyone can afford one But no doubt the market is growing and its not a surprise leading firms in this particular industry are investing heavily on new better designs trying to capture as much market share as possible Here is a list of the top brands and their best quality products Source from httpwwwpricerunnercom 05032003
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