micro11sg

micro11sg - ECO 2023 Principles of Microeconomics Chapter...

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ECO 2023 Principles of Microeconomics Chapter 11 Price-Searcher Markets with High Entry Barriers Key Terms: Monopoly Oligopoly Collusion Cartel Market power Game theory 6 Goals: #1 - Name the reasons why entry barriers can be high. The four primary reasons why entry barriers can be high are economies of scale, government licensing, patents, and control over a vital resource. #2 - Characterize and explain the output decisions of a monopoly firm. A monopoly market is characterized by high entry barriers and the existence of a single seller. A monopolist will produce up to the point where marginal revenue equals marginal cost and then will choose a price that consumers are willing to pay for that amount of production. #3 - Know the characteristics of an oligopoly market. The characteristics of an oligopoly market are a small number of firms, strategic interdependence among firms, economies of scale, and high entry barriers. #4 -
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micro11sg - ECO 2023 Principles of Microeconomics Chapter...

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