Textbook Notes (367,993)
United States (205,930)
Economics (276)
ECON 1116 (137)
Chapter 15

03.13.14 Chapter 15.docx

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Department
Economics
Course
ECON 1116
Professor
Osborne Jackson
Semester
Spring

Description
Chapter 15 Type of Numbe Type of Profit SRT LR Entr Market r of Product T y Sellers Exit Competitive Many Identical P=MC (firms are price-takers, Depend T= Free market (homogenous/ no market power) s 0 same product/ substitutable) Graphs: Consulting Question: Monopolisti Many Different P> MC (little market power) Depend T= Free c (heterogeneou s 0 Competitio s) n Oligopoly Few Identical P>MC Depend T ≥ 0 Barriers (duopoly) or s (t
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