ECO 2302 Chapter Notes -Monopolistic Competition, Oligopoly

3 views2 pages
School
Department
Course
Professor

Document Summary

A structure characterized by many sellers producing a differentiated product. They have some control over the price being charged. Structure characterized by a few large producers, and it operates with extensive entry barriers. For companies under monopolistic competition, the price and output are determined in the short run. They can also incur economically losses in the short run. In an oligopoly, it s all about promoting collusion. If an industry or company is composed of more than one firm, that is selling identical products and influencing the market, they are promoting collusion. Measuring the size distribution of firms that are engaging in economic activities and indicating competition degree. The cartels are considered a special case of oligopoly. In this case, competing firms are trying to collude to create formal agreements to production quantities. Only practical when there is a small number of firms.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related textbook solutions

Related Documents

Related Questions