Econ101November12 - market c Price exceeds competitive...

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Econ 101 November 12, 2007 I. Monopoly: single firm, no close substitutes a. Single Seller, the product has no good substitute i. Has no supply curve ii. Marginal Cost curve does not represent the maximum amount a monopolist can produce iii. Faces declining market demand curve for its product and simultaneously chooses price and quantity iv. Occur when minimum efficient scale is greater than or equal to the size of the market b. Other firms either can’t, choose not to, or are barred from entering the
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Unformatted text preview: market c. Price exceeds competitive price, quantity is less than competitive quantity d. Monopolist always tries to operate on elastic portion of demand curve II. Oligopoly: Several Firms, similar products, degree of product variation depends on market structure a. Automobiles III. Monopolistic Competition a. Many firms but each suppliers product is differentiated b. Consumers can be induced to change brands but they have brand choices...
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