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Unformatted text preview: Lecture 15 notes 3/5/09 • Some larger region under which people truck barter and exchange • From level of demand and amount of supply, you get relationships • Firms don’t set price in perfectly competitive market, they are set for you • Producers have no power to set the price • Undifferentiated: all the same • Under perfect comp, each firm’s demand curve is flat; equilibrium profit is 0 • Profit was a result of extraction of surplus product of labor • 3 critique: Markets are not always competitive; difficult for equilibrium stage to be reached • Chandler: operating in markets is not nec best way for firms to operate efficiently Markets won’t supply bc it is not profitable • Things either markets do or don’t do, but doesn’t say what a market actually is What actually is a market and how does it operate? • White is Most associated with sociologists Market: a group of differentiated firms, each of which has its own role; each producer has a unique role, a niche...
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This note was uploaded on 01/23/2011 for the course SOCIOLOGY 315 taught by Professor Mizruchi during the Winter '09 term at University of Michigan.
- Winter '09