Econ 4-13-2011 - Choose price, and then quantity demanded...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 4-13-2011 14:23 Focus on 12-16 Chapter 12     Short Run =  Fixed costs Long Run = All costs are variable Chapter 15     Oligopoly Duopolists would do best to act like a monopolist Have incentive to cheat by producing more The specifics of how firms interact matter o Quantity Competition Choose quantity level, then price is determined o Price competition
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Choose price, and then quantity demanded is met Chapter 16 Monopolistic Competition Differentiated product, similar to monopoly in that demand curve slopes downward and MR<P Free entry/exit similar to competition in that there will be zero profits in the long run Fast Food Produce as long as MR<=MC 14:23 14:23...
View Full Document

This note was uploaded on 10/04/2011 for the course ECON 201 taught by Professor C.liedholm during the Spring '07 term at Michigan State University.

Page1 / 3

Econ 4-13-2011 - Choose price, and then quantity demanded...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online