Exam3 - CompLab Flashcard

Exam3 - CompLab Flashcard - Horizontal Curves: PC: Supply...

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Price Elasticity of Demand Determinants Availability of Close Substitutes Luxury (e) v. Necessity (ie) Narrowly Defined (e) v. Broadly Defined (ie) Time – Long Term (e) v. Short Term (ie) Price Elasticity of Supply Determinants Time – Long Term (e) v. Short Term (ie) Demand Curve Shifters Income Price of Related Goods Tastes Expectations # of Buyers Supply Curve Shifters Input Prices Technology Expectations # of Sellers Income Elasticity Normal Goods: Positive Inferior Goods: Negative Cross-Price Elasticity Substitutes: Positive Complements: Negative
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Unformatted text preview: Horizontal Curves: PC: Supply at Market Price in LR- Upward for limited Q- Upward for different costs PC: Demand (Firm)- Down for Market 1. Perfect Competition Monopoly Oligopoly Monopolistic Competition Barriers to Entry None Prohibitive Significant None Product Differentiation No Single Firm Yes/No Yes Is P = MC? Yes No No No Long Run Equilibrium Condition MC = MR = P = AC MC = MR < P> = AC MC = MR < P> =AC MC = MR < P = AC Short Run Profits +, -, 0 +, -, 0 +, -, 0 +, -, 0 Long Run Profits +, 0 +, 0...
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This note was uploaded on 08/30/2011 for the course ECO 2023 taught by Professor Underwood-caputo during the Fall '08 term at University of Central Florida.

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Exam3 - CompLab Flashcard - Horizontal Curves: PC: Supply...

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