PPT-Monopoly, Oligopoly, and Monopolistic Competition

Chapter 8 McGrawHillIrwin Copyright 2015 by McGrawHill Education Asia All rights reserved Learning Objectives Distinguish among three types of imperfectly competitive industries and describe how imperfect competition differs from perfect competition. PERFECT COMPETITION, MONOPOLY, MONOPOLISTIC COMPETITION, AND OLIGOPOLY: GRAPHING TIPS (1) For all firms, the MC curve must intersect the ATC at the minimum of the ATC curve.(2) When a firm is mabe PERFECT COMPETITION, MONOPOLY, MONOPOLISTIC COMPETITION, AND OLIGOPOLY: GRAPHING TIPS (1) For all firms, the MC curve must intersect the ATC at the minimum of the ATC curve.(2) When a firm is mabe Readings. Readings. Baye. 6. th. edition or 7. th. edition, Chapter 8. BA 445 Lesson A.9 Monopolistic Markets. Overview. Overview. Overview. BA 445 Lesson A.9 Monopolistic Markets. Monopolistic Price and Quantity . Perfect Competition. Monopolistic Competition. Oligopoly. Monopoly. No Barriers to Entry (2 answers). Perfect Competition. Monopolistic Competition. Oligopoly. Monopoly. Interdependence. Perfect Competition. AP Economics. Mr. Bordelon. Basics. Monopolistic competition.. Market structure in which there are many competing firms in an industry, each firm sells a differentiated product, and there is free entry into and exit from the industry in the long run.. MARKET STRUCTURE . in which only . ONE . seller sells a product for which there are no close substitutes.. A monopoly is . A PRICE SETTER. , . RESTRICTS THE MARKET . and. IS THE ONLY SELLER.. Monopoly. 13. McGraw-Hill/Irwin. Copyright. . © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.. Monopolistic Competition. Relatively large number of sellers. Small market shares. No collusion. Independent action. Prices is influenced by:. The Nature of the Market. Consumer Demand of Product. Production and Marketing Costs. Consideration of Channel Members. Before pricing is established, you must recognize what type of market you are in:. Market structure – identifies how a market . is made up in terms of:. The number of firms in the industry. The nature of the product produced. The degree of monopoly power each firm has. The degree to which the firm can influence price. Class 4. Market Structures. A market is an arrangement which links buyers and sellers. . Ebay. Local fish market. A ticket counter at rugby match. Amazon. Stock market. The term market structures refers to certain market characteristics. . Chapter 7. Section 1. Perfect Competition. The market structure called perfect competition has the following conditions:. 1. Many buyers and sellers participating in the market. 2. Sellers offer identical products. Welcome to Day 16 Principles of Microeconomics What we learned last class. 1) When a firm losing money should shut-down. 2) The firm’s supply curve in the short-run and market equilibrium 3) Entry, Exit, and long-run equilibrium. The word Monopoly is a combination of two words in which “mono” implies “single” and “poly” means “seller”. Therefore, the market controlled by a sole trader is said to a Monopoly market.. In this chapter, . look for the answers to these questions:. What market structures lie between perfect competition and monopoly, and what are their characteristics? . How do monopolistically competitive firms choose price and quantity? Do they earn economic profit?.