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ECON 201 (44)
Lecture

Lecture13.pdf

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Department
Economics
Course
ECON 201
Professor
Corey Van De Waal
Semester
Fall

Description
asyEdwithinBlocked ree anEase of EntryFd EFcontext or oneNNamong FirmsInterdependence composition tctures that we will find convenient to industry ecferthe PftPLecture 13asof Product ofdecisions are madethoughteryOneNoneNoneEntirely FewSomeSignificantDifficultVVisManySomeNoneFreemanyof firmsSubstitutabilitystructuret ecferMarket PftPmarketStructureOligopolyMonopolyCompetitionCompetitionMarket StructuresAmarketstructureisthoughtofastheindustrycompositionorcontextwithinAwhich a firms economicWe will consider four general market strudistinguish on the basis of four criteriaMonopolistic FXd X0 XPXPPdifferences ller A or seller B no brand names no quality ogeneousconsumers do not see any there are a large number of producersinherentF Xdnois perfectly elasticFand XP2X differentiation difference between buying the good from sePerfect CompetitionAssumptions of the modelthe first two assumptions will imply that the demand that confronts the firm dAssumption 1In a perfectly competitive market Assumption The product being produced is homproductdifferentiationandnoinherentqualitydifferencesproductXP
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