Textbook Notes for 01:220:102 at Rutgers University
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01:220:102 Lecture Notes - Lecture 21: Allocative Efficiency, Monopolistic Competition, Productive Efficiency
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Productive efficiency- the equality of price and minimum atc yields productive efficiency. Allocative efficiency - the equality of price and mc yields
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01:220:102 Lecture Notes - Lecture 20: Tacit Collusion, Nash Equilibrium, Oligopoly
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A decision rule that describes actions a player will take. Representation of a game indicating the players, their strategies, and the payoffs resulting
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01:220:102 Lecture Notes - Lecture 19: Oligopoly, Marginal Cost, Product Differentiation
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Monopolies are not permanently protected from forces of entry and imitation. The main difference between a competitive firm and a monopoly is the lengt
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01:220:102 Lecture 3: Microeconomics Notes Ch 3
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Competitive market: market where there are multiple sellers and buyers of the same product. No single individual"s actions have an effect on the price
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