{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

CHAP3 - Price Determination Interaction of Supply and...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Chapter 3 Price Determination: Interaction of Supply and Demand Economics is the only field in which two people can share a Nobel Prize for saying opposing things Price Determination: Interaction of Supply and Demand Objectives: 1. Examine interaction of supply and demand forces in determining market price 2. Describe concept of market structure 3. Illustrate price determination under perfect comp 4. Discuss length of run in agricultural price determination 5. Firm-level economics of perfect and imperfect comp 6. Discuss price discrimination Market structure State of a market with respect to competition. Market structure depends on such characteristics as: number of buyers and sellers (economists commonly assume many buyers and then differentiate mkts by the number of sellers) their size distribution degree of product differentiation ease of entry into market
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon