ECON 111 Chapter Notes - Chapter 11: Bachelor Of Applied Science, Pearson Education, De Beers

• School: Queen's University
• Department: Economics
• Course: ECON 111
• Professor: Xiaoran (Sheldon) Guo

Document Summary

Ragan, microeconomics, 15th canadian edition, toronto: pearson canada inc. , The material in this document is taken from the mentioned source and should be used for reference only. The document compiler cannot assure 100% accuracy as there may be errors present in this document. The mentioned source should be used if there is any doubt on information accuracy. In addition, without permission from the owners (direct or indirect), the material in this document cannot be reproduced. Industries with a few large firms 1. The short-run decision of the firm 3. The long-run equilibrium of the industry 4. The importance of entry barriers 8: brand proliferation as an entry barrier 8, advertising as an entry barrier 9, predatory pricing as an entry barrier 9. 11. 1: imperfect competition: most firms are neither perfectly competitive nor monopolistic; falls in between, called: imperfectly competitive, wide range of firm behaviour between these two extremes.