aps7x313_f05 - perfect competition STRUCTURE number of...

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perfect competition monopolistic competition monopoly (simple) monopoly (perf. discriminating) STRUCTURE number of firms many several one one type of output homogeneous heterogeneous not applicable (but consider substitutes in related markets) not applicable (but consider substitutes in related markets) entry/exit free free barriers to entry barriers to entry information full and symmetric full and symmetric full and symmetric full and symmetric firm’s demand price taker - horizontal price maker - downward sloping price maker - downward sloping, with P>mr price maker - downward sloping with P=mr market demand downward sloping don’t really draw one firm is same as market firm is same as market CONDUCT behavioral assumption and implication profit maximizing firms mr = mc at x profit max profit maximizing firms mr = mc at x profit max profit maximizing firms mr = mc at x profit max profit maximizing firms mr = mc at x profit max short-run profit could be +/0/- could be +/0/- could be +/0/-
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This note was uploaded on 10/29/2009 for the course ECON 3130 taught by Professor Masson during the Fall '06 term at Cornell University (Engineering School).

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aps7x313_f05 - perfect competition STRUCTURE number of...

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