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Market_Structures - Long-run profits(Income Efficiency...

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©Prep101 Market Structure Characteristics Perfect competition Monopoly Monopolistic Competition Oligopoly Example Farmers Via Rail Family restaurant Car Makers Number of firms Many One Many Few Control over price Price takers Price setters Price setters Price setters D and MR Horizontal Downward-sloping Downward-sloping Downward-sloping Product Identical Unique Differentiated Varies Barriers to Entry No Yes No Yes Profit Maximizing condition MR = MC (=P) MR = MC (<P) MR = MC (<P) MR = MC (<P)
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Unformatted text preview: Long-run profits (Income Efficiency) No (Yes) Yes (No) No (Yes) Usually (Usually No) Productive Efficiency Yes (production @ min ATC) No (production not @ min ATC) No (production not @ min ATC) No (production not @ min ATC) PS and CS maximized Some of CS transferred to PS Benefit from differentiated products Somewhat between perfect competition and monopoly No deadweight loss Deadweight loss Deadweight loss Deadweight loss Allocative Efficiency Efficient Inefficient Inefficient Inefficient...
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