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Price exceeds marginal cost - PowerPoint PPT Presentation

ECON 201

ECON 201

ECON 201. Chapter 23 Monopolistic Competition and Oligopoly. Learning Objectives. The characteristics of monopolistic competition. Why monopolistic competitors earn only a normal profit in the long run. The characteristics of oligopoly. How game theory relates to oligopoly.

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406 views • 40 slides
EYE ONS

EYE ONS

Which cell phone? In June 2009, you had a choice of 265 different cell phones. Why is there so much variety?. EYE ONS. 16. Monopolistic Competition. CHAPTER CHECKLIST. When you have completed your study of this chapter, you will be able to.

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452 views • 39 slides
Monopoly

Monopoly

Monopoly. Chapter 15. What we learn in this chapter?. In Ch.13 we established the cost structure of the firm as the unit of production in a market economy In Ch.14 we looked at the equlibrium of the firm and of the market assuming perfect competition

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413 views • 36 slides
Chapter 10

Chapter 10

Chapter 10. Monopoly. Review of Perfect Competition. P = LMC = LRAC Normal profits or zero economic profits in the long run Large number of buyers and sellers Homogenous product Perfect information Firm is a price taker. Market. Individual Firm. P. P. D. S. LMC. LRAC. P 0. P 0.

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341 views • 25 slides
Monopoly

Monopoly

Monopoly. Monopoly and perfect competition. Profit maximization by a monopolist. Inefficiency of a monopoly. Why do monopolies occur? Natural Monopolies. Monopoly and Perfect Competition. Perfect competition : each firm takes market price as given and decides how much to produce.

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355 views • 25 slides
Perfect Competition

Perfect Competition

Perfect Competition. Review of Perfect Competition P = LMC = LRAC Normal profits or zero economic profits in the long run Large number of buyers and sellers Homogenous product Perfect information Firm is a price taker. D. S. LMC. LRAC. P 0. P 0. D = MR = P. q 0. Q 0.

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292 views • 21 slides
Chapter 9 Market structure and imperfect competition

Chapter 9 Market structure and imperfect competition

Chapter 9 Market structure and imperfect competition. David Begg, Stanley Fischer and Rudiger Dornbusch, Economics , 9th Edition, McGraw-Hill, 2008 PowerPoint presentation by Alex Tackie and Damian Ward. Most markets fall between the two extremes of monopoly and perfect competition.

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207 views • 19 slides

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