Menu_14_Oct_09 - b Homogeneous or differentiated goods i...

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TODAY’S MENU: Wednesday 14 October 2009 I. BUSINESS A. Practice Problems 1. Chapter 13: 1-8, 10, 11, 13, 14, 16-18 B. Second exam: Next time II. SUBSTANCE A. Monopolistic competition 1. Firm behavior in the short run a. How much to produce? b. What price to charge? c. Profit? 2. Firm behavior: short run to long run a. Changes in demand, profit B. Oligopoly 1. Market structure a. Few sellers, many buyers i. Concentration ratio ii. Implications
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Unformatted text preview: b. Homogeneous or differentiated goods i. Implications c. Significant barriers to entry/exit i. Implications 2. Firm behavior: Compete or cooperate? a. Cartel i. Definition ii. Behavior b. Price leadership i. Definition ii. Behavior c. Price competition i. Contestable markets d. General conclusions III. NEXT TIME A. Second exam over Chapters 7, 9, 11, 12, 13...
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