ECO 105 Lecture Notes - Lecture 5: Imperfect Competition, Production Function, Marginal Product

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Market has many buyers an sellers, none big enough to influence market price. Buyers and sellers are well informed about the market. Freedom of entry and exit of the markets. Price taker: is a firm that has no influence over the price at which it sells its product. Price seller: has control over the prices they charge. Does(cid:374)"t (cid:373)ea(cid:374) they ca(cid:374) charge a(cid:374)y price that they wa(cid:374)t. How much of a product to make. Factor of production: is an input used in the production of a good service. A fixed factor of production: is an input whose quantity cannot be altered in the short run. A variable factor of production: is an input whose quantity can realter in the short run. It is the period of time in which a business or firm has an input, fixed. Total level of output reaches a limit.

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