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ECON 1BB3 (535)
Lecture 7

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
What affects your decision to go to the movies? 10/9/2012 10:30:00 PM Markets  Group of buyers and sellers  4 types  Perfect Competition o lots of buyers and sellers – difficult for individual buyers and sellers to influence price o both firms and households are “price takers” – your decision whether you want to buy it or not, no bargaining power o good/service is identical ex. Agriculture products, iron oar etc  Monopoly o Only one seller o Seller has some control over the price they set – buyers restrict the possible prices, depends on what the buyers are willing to spend  Oligopoly o Few firms in the market o Ex. Duopoly (2 firms)  Monopolistic competition o Lots of sellers/buyers but goods being sold aren’t identical Demand  Quantity demanded (Q ): The amount of a good that buyers are willing and able to purchase  What you can buy given your current circumstances  The variables that influence know how much buyers want to buy are:  Price  Income o Normal (buy more when income goes up) and inferior goods (buy less when income goes up, buy more of what you wanted in the first place)  Price of other good
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