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Lecture

ECON 2030 Economic Principles Chapter 14

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Department
Economics
Course
ECON 2030
Professor
All Professors
Semester
Fall

Description
TODAYS MENU Tuesday 24 June 2014IBUSINESSAPractice Problems1Chapter 1414 710 12 132Chapter 82 3 5 911 23BSecond Exam This ThursdayIISUBSTANCEAMonopoly1Market structureaOne selleriImplications The firm is a price setter because they are the only one selling it Price no longer equals MR it will always be greater bGood with no close substitutesiImplicationsDemand for the good will be inelasticcHigh barriers to entry people want to enter the market but cant iCauses exclusive contracts patents copyrights upfrontfixed costs power plants iiImplications if a monopolist is earning a positive economic profit in the short run in the long run economic profits will be positiv
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