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ECON-UA 2 (82)
Lecture

Day 15 (4/1/2014)
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School
New York University
Department
Economics
Course
ECON-UA 2
Professor
Marc Lieberman
Semester
Spring

Description
Day 15 412014MarketStructureOutput MarketsResource MarketsAsset MarketsWe have and will focus on output marketsMarket structure is the environment for buying and sellingOutputMarketStructures1Perfect Competition2Monopoly3Oligopoly4Monopolistic competitionPerfect competition is the ideal structure especially from a consumers point of viewWhy study perfect competition1Point of Reference2Some markets do fit the model very well3Most markets come close enough to perfect competition so that the model is usefulAssumptions of Perfect Competition1Many buyers and sellersaBy many we mean enough so that a change in quantity supplied or demanded by any one of them has no significant effect on the market price2Standardized ProductaThe output of one firm is the same as another there is no reason to prefer one seller to another3Easy entry and exitaA new firm that wants to enter the market can do so or a firm that can leave the market can do so easily
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