HON 1302 Lecture Notes - Lecture 16: Monopolistic Competition, Perfect Competition, Oligopoly
Document Summary
The first draft is never a good one, always edit and write several drafts before deciding on a final draft. Have someone else look at your paper for a second opinion. Paragraph = idea: should begin with a topic sentence of thesis which introduces the principle idea discussed in the paragraph, for us, one slide is equal to one paragraph. Represents supply and demand in a market. Represents a single firm in perfect competition: we know this because the demand line is horizontal. Represents a single firm in perfect competition in the long run. We know this because the normal profit isn"t seen it"s built into the curve. We know this because the demand line is down sloping (has market demand) and the marginal costs represents the market supply. In each of the graphs, firms produce at a quantity where marginal costs equal marginal revenue.
