Diff bt Mrkt Strc JDF - efficient than large number of...

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D IFFERENTIATING B ETWEEN M ARKET S TRUCTURES T ABLE P ERFECT C OMPETITION M ONOPOLY MONOPOLISTIC C OMPETITION O LIGOPOLY An Example of An Organization Florida Power & Light MillerCoors Goods or Services Produced By the Organization Electrical Services for North Central Florida Similar forms of entertainment. Humor, Drama, Action. Beer Barriers to Entry Key resource owned by single firm; local government gives single firm exclusive rights; single producer more cost
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Unformatted text preview: efficient than large number of firms Low: People everywhere are free to enter and exit into acting. Drama Class, Acting Schools. No Limitations Advertising, customer loyalty, and research and development Numbers of Organizations 1 Many 1 Price Elasticity of Demand Market Demand Curve; Inelastic Elastic Depends on ones income Economic Profits: Is There a Presence of Economic Profits? (Yes or No) Yes Yes Yes...
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