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Economics 1021A/B
Jeannie Gillmore

Chapter 10 Notes Markets and the Competitive Environment  perfect competition o markets with many firms, each selling an identical product o no restrictions on the entry of new firms into the industry o many buyers o many firms and buyers are all well informed about the prices of the products of each firm in the industry o e/x worldwide markets for corn, rice, wheat  monopolistic competition o large number of firms compete by making similar but slightly different products  making a product slightly different from a competing firm’s product is called product differentiation  product differentiating gives a firm an element of market power, being the sole producer of the particular version of the good in question  differentiated products are not necessarily are not necessarily different products (e/x nearly all ketchup is identical, but consumer’s perceive it differently across different brands)  oligopoly o small number of firms compete  e/x computer software, airplane manufacturers o might produce almost identical products (e/x Coke and Pepsi) o might produce differentiated products (e/x Boeing and AirBus)  monopoly o only one firm, produces a good that has no close substitutes o firm is protected by barrier preventing entry o
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