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Chapter 4

lecture 6 ~ chapter 4..docx
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Department
Economics
Course
ECON 1BB3
Professor
Hannah Holmes
Semester
Fall

Description
What affects your decision to go to the movies? Markets  Market = group of buyers and sellers; what we’re studying I what happens when these buyers and sellers come together  4 types of market structure: 1. perfect competition; has two features: a. lots of buyers and sellers  if that’s the case; its very difficult for an individual buyer or seller to have an influence on the price  price takers: firms and households; price is given to you, your decision is whether you want to take it or not  no bargaining power b. the good or service is identical, usually talking about goods such as agricultural products 2. monopoly:  one seller; not that common market  the seller has control over the price; cant set whatever price they want  has to see what buyers are willing to pay for it  no as many monopoly markets now as there were 30/40 years ago  technology advantages 3. oligopoly:  occurs when there are a few firms in the market  similar to a monopoly  some characteristics of perfect completion and monopoly  there are lots of sellers and lots of buyers, but the good that is being sold is not identical 4. monopolistic competition Demand  quantity demanded (Q^d): the amount of a god that buyers are willing & able to purchase  variables that influence ho
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