Lecture A (WK6)

Lecture A (WK6) - Lecture A (WK6) Welcome Back! We will...

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Lecture A (WK6) Welcome Back! We will begin by examining the characteristics that drive efficiency in a purely competitive market. The long-run equilibrium position for a competitive industry is shown by reviewing the process of entry and exit in response to relative profit levels in the industry. Then, we examine the characteristics of pure monopoly; the barriers to entry that create and protect monopolies; price and output determination under monopoly; the economic effects of monopoly; price discrimination under monopoly; and the regulation of monopolies. To begin, please read: Chapter 12: General Equilibrium and the Efficiency of Perfect Competition Chapter 13: Monopoly and Antitrust Policy Do you like to see a road map before you begin a trip? If so, the following is a no-frills, black and white, text only, outline of the major points for this week. You will find one each week in our Lecture Hall. Print yourself a copy and it can help to keep the points in perspective as we proceed. Chapter Twelve Lecture Outline Chapter Thirteen Lecture Outline Chapter 12 – General Equilibrium and the Efficiency of Perfect Competition A general equilibrium exists when all markets in an economy are in simultaneous
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Lecture A (WK6) - Lecture A (WK6) Welcome Back! We will...

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