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Chapter 11 Outline (got the best grade in class)

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Department
Economics
Course
ECON 2000
Professor
All Professors
Semester
Fall

Description
chapter 11Iimperfect competition imonopoly market or a market withmore than one firm iitwo typesmonopolistic competition and oligopolybmonopolistic competition imany buyers and sellers 1no influence on price 2seller has market power 3no strategic interaction among firms in the market amake own decisions iieasy entry and exit 1no barriers 20 economic profit in the long run iiiSellers offer a differentiated product 1Each firm has its own slightly downwardsloping demand curve aFirm can sell more by charging less bAlso can raise prices without losing customers 2Have market
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