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Ch 11 Imperfect Competition

Ch 11 Imperfect Competition - 23:17 largegeography:...

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Imperfect Competition 23:17 STRUCTURE OF THE CANADIAN ECONOMY - large geography: high transportation costs and natural BTE - small population: causes excess capacity (demand is low   trade agreements to  demand. TWO market structures of IMP.Competition: 1. Monopolistic Competition = large # of small firms 2. Oligopoly = small # of large firms Industrial Concentration Ratio: = fraction of total mrkt sales controlled by given # of largest firms (eg.CR4) problems: a) defining the “relevant market”
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