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CH 4 eco1104.doc

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Department
Economics
Course
ECO1104
Professor
A L L
Semester
Fall

Description
Markets and CompetitionMarket is a group of buyers and sellers of a good may be geographically dispersedCompetitive market is one with many buyers and sellers each has a negligible effect on pricePerfectly competitive market All good are exactly the same homogeneousBuyers and sellers are so numerous that no one can affect the market priceeach is a price takerIn this chapter we assume markets are perfectly competitiveMonopoly single seller price setterOligopoly few sellersMonopolistic competition many sellers product differentiationDemand Quantity demanded the amount of the good that buyers are willing and able to purchaseLaw of demand The claim that the quality demanded of a good falls when the price of the good rises other things equal Demand schedule A table that shows the relationship between the price of a good and the quantity demandedMarket vs Individual DemandQuantity demanded in the Market the sum of the quantities demanded by all buyers at each priceDemand Curve Shifters
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