ECON 1 Lecture Notes - Lecture 17: East Los Angeles College, Demand Curve, Market Power

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17 Jun 2020
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Production (technical) efficiency exchanged in the market maximizes the net value of producing and consuming a good; the market test is p = sr mc. Last unit purchased at this price provides same satisfaction the least amount of society"s scarce resources; the market test is that each firm produces in the long run at the minimum of its long- run average cost curve. Equity: inability of firms to maintain economic profits in lr. Definition: achieved in a product market when the quantity. Definition: achieved when the output supplied to the market uses. Definition: in the context of product markets, all investors have. Definition: in the context of product markets, all owners of firms. Market power (monopoly power): a market situation in which an individual. Pure monopoly: a product market in which a single firm comprises the entire equal access to profitable market opportunities because of the absence of barriers to entry and equal access to all relevant market information.

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