Class Notes (839,116)
Canada (511,194)
Economics (1,296)
ECN 104 (447)
Lecture

Perfect Competition

37 Pages
151 Views

Department
Economics
Course Code
ECN 104
Professor
Halis Yildiz

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Description
ame the re sses firms ze m ii i m or arketss ompetitive fit un pro OMPETITION ong ie urve the ompetitive in arkets ERFECT ax upply 7: on erfecttiti nd structures urve aximiztiontitive ompe f CHAPTER ec ost requiredt rofit arket er firmsefficiencyy Part Two: Microeconomics of Product Marketsnal rms he he our coditionsi he ow The The H H Why AboutA Abooutt he f r uch fir irm, exist ervice take f r oe umber elatively roduct s irms so large homogenous Moonnoppooly umberoducers product andntry isocked, very ell argthristing f asy the firmroduct,by nd ivoutput. eryhat seller ery ts o nd s f nd Ollgooppooly y sole nique roduce enter ntry price he dditional eeancall s f haactrizdsownons heits plistic tructures firms irmntryoduces ongargby harroducted one the the Imperfect Competition , ew trIntuaew Monompetition s Markstructuren, hicinmonopolist ffected Market Structure Continuum that n arket hichs etermining ong he is products. Four : irhen prroduct upplier). s n tructure ssue. ach PeCrfemctpettitonn : ndntry. tructuaccount ower aarket entire competitiontianto asily.is s arktoducts: ataucumbers)y: electrical ompetiandery l roducing decisions corn egional PerfprodduindustryonopoconsdifferenntiaOilndifthohard.ted us tit ttt Unciuee; no Coonsdeeabbee Bl k d Structures mutual arket by Four Oligopoly MoOnrDpfeyrenLimited by mutual Sithifi t the f within Mo nompplitianny Few Sooatlertsirrowe Rlit l haracteristics PeCremtpetiionurmlageandardized Noonefferentiated Vtandardized odel: over Market Characteristumiber TfPerofuct Coontol over i tifd Pure omeconomy. ise s Monopoly higher eave f heroucts.. rom irm obstacles. orlds rice mallticabfor asily heir s ot eal roucterentiate an peftioarketxchaneng to ucill sking inancial The ffering s hep ompt.tive irr uy he o Ollgooppolly oreign o ttem utput ompetfficcompetitive roducno rotses xisting elevant. firm hordjust he acting ellerompetition.n ndtechnological highly market ake Ecah nly ersct erfectly hich price eceascan nter, f homogenouss r t egal, valuting tock on rice. aret bout n rodprice, asily f independently an eaofrarketroduce arincreasing ignificant ypeorm ubngagees. ustofirms asic irmsdifferentovehatherefore, Moonnoopoolisticon his : e erfect hange Newun: Characstandard,umber o ar, ommoditieslare onutsupply,osinxit:ng Ma ar rkke ett S arge roduct nd o anot the umberarm ottotalt ndn f ff ead eltivearge onumroducskers: akr:l Entry Puurre VerpreExamples:ndasincezeirPriceactionriceiceEasyndustrCoommppeetition Alteconomy
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