ECO 1104 Chapter Notes - Chapter 15: Monopoly Profit, Marginal Revenue, Perfect Competition

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ECO 1104 Full Course Notes
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ECO 1104 Full Course Notes
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Final exam = 100 multiple choice (80%) + written portion (20%) Written portion --- focus on chapters of externalities, public goods, perfect competition & monopoly (20%) Touch on 1 of 10 principles in ch. 1 go(cid:448)"ts (cid:272)a(cid:374) so(cid:373)eti(cid:373)es i(cid:373)p(cid:396)o(cid:448)e (cid:373)a(cid:396)ket out(cid:272)o(cid:373)es. As p(cid:396)o(cid:271)le(cid:373)s that (cid:373)o(cid:374)opolies (cid:396)aise fo(cid:396) so(cid:272)iet(cid:455) a(cid:396)e e(cid:454)a(cid:373)i(cid:374)ed, (cid:448)a(cid:396)ious (cid:449)a(cid:455)s i(cid:374) (cid:449)hi(cid:272)h go(cid:448)"t poli(cid:272)(cid:455)(cid:373)ake(cid:396)s (cid:373)ight respond to these problems will be discussed. Monopoly: a firm that is the sole seller of a product w/o close substitutes. Pure monopoly is rare in the real world. Economists use it as an illustration of undesirable economic outcomes: markets are not supposed to resemble monopolies. Easier than perfect competition: 1 firm as the market is the firm & the firm is the market, no distinction btw/ short run & long run equilibria. Monopolist operates in a different market environment than perfectly competitive firm does, & . faces different rules of the game for exchange. A single seller due to barriers to entry.

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