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ECON 1BB3 (535)
Lecture

1BB3 Notes 7.docx

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

Description
Lecture # 7 Macroeconomics 1BB3 Date: 20/09/2012 Markets: • Market = group of buyers and sellers • There are 4 types of market structure: o Perfect competition  There are lots of buyers and lots of sellers.  No individual firm has the ability to set a price. o Monopoly  1 seller, not very common. o Oligopoly o Monopolistic Competition  Lots of buyers and lots of sellers, but the goods are not identical. Demand: • Quantity Demanded (Q : the amount of a g
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