EC120 Lecture Notes - Oligopoly, Job Satisfaction, List Of Auto Parts
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EC120 Full Course Notes
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Document Summary
Lower opportunity costs determine comparative advantage, which drives trade. Countries will specialize according to comparative advantage. Expectations how does education affect well-being. Number of sellers supply is strictly controlled by government. Universities are subsidized, and not profit motivated. Group of buyers and sellers of a good or service. Size of market depends on the nature of the good. Key issue for government policy canadian competition bureau. Competitive markets require that there are many buyers, with free choice: homogeneous products no brand differentiation, numerous buyers and sellers. If there is only one seller monopoly. If there are only a few sellers oligopoly. Perfect competition is rare but a useful starting point. Quantity demand: amount of a good buyers are willing and able to purchase. Law of demand: as price rises, demand for a good fall. Demand schedule: table showing the relationship between price and quantity demanded. **demand is the whole curve, quantity demand is a point on the curve**
