Table of Contents
Perfect Competition
This week we will investigate ...
This week we will investigate ...
Market Structure
Four Market Structures
Characteristics of PC
Why Is Competition Important?
It’s a matter of degree ...
The Exception: Price Taker Has No Monopoly Power
Industry D & S Determine the Firm’s Price
Perfectly Elastic D
Perfectly Elastic D?
Average Revenue (AR)
Marginal Revenue
MR = MC at Profit Max
Profit = TR - TC
Minimizing Short-Run Losses
Long-Run Equilibrium
How does a firm get to be a monopolist?
Barriers to Entry
More Barriers to Entry
What is it?
Who is CETI?
Why is CETI?
More Barriers to Entry
Another Barrier
Monopoly Profit Maximization
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