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gs_-16-_Monopoly_and_other_markets - ANNOUNCEMENTS#1...

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1 1/20/2010 Econ. 11 - Lecture #16 1 ANNOUNCEMENTS (#1): SCHEDULE OF EXAMS (Tentative): o TEST #1 –– DONE! o TEST #2 –Feb. 5 , 2010 o TEST #3 – first week March, 2010 (TBA) . o FINAL EXAM – Announced during FINAL EXAM WEEK Lecture 16: MONOPOLY AND IMPERFECT COMPETITION Review: COST & SUPPLY in Competition Industry cost curves – decreasing, constant, and increasing Different market structures Introduction to monopoly and imperfect competition 1/20/2010 Econ. 11 - Lecture #16 3 Price 0 Quantity P 0 P=AR=MR= Demand IN PURE COMPETITION, THE FIRM TAKES THE PRICE DETERMINED IN THE MARKET. The Average Revenue (AR) does not change because the Price is the same at any level of output. The Marginal Revenue is also equal to the Price.
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