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Unformatted text preview: Oligopoly Few firms produce all or most of market output Profits are interdependent Actions by any one firm will affect sales &amp; profits of the other firms Market characteristics that determine the economic environment in which a firm operate: please fill this chart on your own using the following criteria and the lecture notes. Number &amp; size of firms in market Degree of product differentiation Likelihood of new firms entering market Pure Competition Monopolistic Competition Oligopoly monopoly Number of Seller or firms Products in the market Barrier to entry Firms control over price Nonprice competition Long run and short run characteristics Examples Efficiency P=LMC P=min LATC...
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- Fall '08