This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: price b. products are the same c. buyers and sellers are price takers. (Ex. agriculture) 2. Monopoly a. One, single seller b. Unique product c. Seller controls price - price maker (Ex. WE Energies, US postal Service) 3. Oligopoly a. few sellers Notes: 2-16-10 Economics T-Th A. Ordonez Chapter 4 809-195-3K1C 2/16/10 b. products are similair c. varying price strategies d. price strategies depend upon how much market power each firm has (Ex. Diamond Industry, oil industry, Automotive Industry) 4. Monopolistic Competition a. many sellers b. slightly differentiated products c. each seller may set the price for its own product The Prisoners Dilemma Confess Stay Silent You me you me Confess 10 10 20 Stay Silent 20 1 1...
View Full Document
This note was uploaded on 05/10/2010 for the course ECONOMICS 809-195-3K taught by Professor A.ordonez during the Spring '10 term at Gateway Tech.
- Spring '10