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eco9.5 - Non-competitive •Monopolies •Few...

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September 5, 2006 Microeconomics 1. y = 10x + 5 2. a. y = .2x + 4 b. y = .2x + 8 c. y = .4x + 4 3. 2=3q=10-q 4. 4q=8 5. q=2 6. p=8 Competive Markets Supply & Demand Market – all the buyers & sellers of a particular good •Many buyers & sellers—cannot affect the price •All products same •Price comes from cost of production – Smith •Value people derive from goods •Things people need are usually less expensive
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Unformatted text preview: Non-competitive •Monopolies •Few sellers–airlines •Brand names, goods are not perfect substitutes ex. Books, Cds, ect. Demand & Quantity demanded Quantity demanded – amount able & willing to purchase for a specific period of time (usually depends on price) Law of Demand- holding all else constant, when price goes up, quantity demanded falls...
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