econ203 Market Models, pg 166 chapter 9 spr08

econ203 Market Models, pg 166 chapter 9 spr08 - significant...

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Market Models Pure Competitio n Monopolistic Competition Oligopoly Pure Monopoly Number of firms very many many few one Type of product standardized differentiated standardized or differentiated unique; no close substitutes Control over price none some, but w/in narrow limits limited by mutual interdependence; considerable with collusion a lot Conditions of entry very easy, no obstacles relatively easy
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Unformatted text preview: significant obstacles blocked Nonprice competition none considerable emphasis on advertising, brand names, trademarks typically a lot, particularly w/ product differentiation mostly public relations advertising Examples agriculture retail trade, dresses, shoes steel, automobiles, farm implements, many household appliances local utilities...
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This note was uploaded on 09/03/2008 for the course ECON 203 taught by Professor Al-sabea during the Spring '05 term at USC.

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