Final Exam Review

Final Exam Review - 2/25/2008 Final Exam Review Ch. 11...

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5/11/2009 Final Exam Review Ch. 11 Monopolisitc Competition o 1935 Edward Chamberlain o 100-120 Firms o Product differentiation Trademark Packaging Chemical compositions Services Locations o Open market, but with high competitions Easy entry for few firms in the long-run o The demand curve is in the middle of a straight flat line and the fast downsloping curve o Pure profit Graph Area between the profit-maximizing price and the actual price o Loss Ch. 10 Pure Monopoly P. 190-207 o Monopoly is one seller in the market o No close substitute (closed) o Price maker unlike the pure competitor which is a price taker o The become monopolies because No regulation Economies of scale Control resources Develop technology Skilled labor Control the market domestically and internationally Barriers of entry o Patents o Economies of scale o Ownership of essential resources o Demand curve slopes downward
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Final Exam Review - 2/25/2008 Final Exam Review Ch. 11...

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