2nd Econ Exam

2nd Econ Exam - 2nd Econ Exam Ch 9(24 Purely and perfectly...

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2 nd Econ Exam Ch 9 (24) Purely and perfectly competitive markets, Monopolies, Competition, oligopoloies, etc. Competition and Rivalry Pure and Perfect Competition vs. Pure Monopoly Monopolistic Competition and Oligopoly: Strategic Behavior Among the Few Profit Maximization for Price Takers: Production Costs and Revenues Profit = Total Revenue – Total Cost Marginal Revenue = Marginal Cost Ch 13 Competition and Efficiency Marginal Social Benefit = Price = MC = Marginal Social Cost [MSB = P= MC = MSC] Market Supply: The Short Run Entry and Exit in the Long Run Increasing Cost, Constant Cost, and Decreasing Cost Industries Ch 14 (25) Market power and monopoly/inefficiency Profit Maximization for Price Makers: P > MR = MC Barriers to Entry Regulatory ( Legal ) Barriers Strategic Barriers Natural Barriers and Natural Monopoly Inefficiency and the Excess Capacity Theorem: P > MC MSB > MSC Market Power and Price Discrimination Price Discrimination and Efficiency: MSB = P ≥ MR = MC = MSC so MSB ≥ MSC
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2nd Econ Exam - 2nd Econ Exam Ch 9(24 Purely and perfectly...

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