Comp mono

Perfect Competition ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How is the market price Determined? ,[object Object],[object Object],[object Object],[object Object]

P P 0 0 Q Q Dm Sm o p o p 1 Sm 1 D o D 1 S q o q 1 Market A typical firm

Perfect Competition:Profit Maximization in the Short Run ,[object Object],[object Object],[object Object],[object Object]

0 Q $ SMC SATC AVC Pm a b c Qe D f , MR Profit Maximization in the Short Run

Adjustments in the Long Run ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sm o Qm Pm1 Pm2 Pm3 Pm4 Sm 1 Sm 2 Sm 3 Sm 4 Q4 Q3 Q2 Q1 Qo $ MARKET o Dm

LATC D Pm Qe Q o SAC 1 SAC 2 SAC 3 SAC 4 A competitive firm’s long-run equilibrium

Long-Run Equilibrium in a Perfectly Competitive Market o o Q $P $ Dm Sm LATC SATC 1 SATC 2 SATC 3 D f Qe Pe MC 2 Market A typical firm

Long-Run Equilibrium under Perfect Competition ,[object Object],[object Object],[object Object],[object Object],[object Object]

Pure Monopoly ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What circumstances lead to the formation of a monopoly? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

$ Q Q $ Dm MR 0 0 TR a -2b -b Demand Faced by A Monopoly

SMC SATC D MR P Qe Q $ k m n o c Qc

The Dynamics of a Monopolistic Market ,[object Object],[object Object],[object Object],[object Object],[object Object]

SMC SATC D MR P Qe Q $ n o LATC k m L-R Positive Economic Profit ATC>MC, P>MR, P>MC, P>ATC

Monopolies and Profit Maximization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Things Change ,[object Object],[object Object],[object Object],[object Object],[object Object]

SMC SATC D MR P Qe Q $ o LATC L-R Zero Economic Profit ATC>MC, P>MR, P>MC, P = ATC

The Case of Natural Monopolies ,[object Object],[object Object],[object Object],[object Object]

SAC 1 SAC 2 SAC 3 o Q $ D Natural Monopolies LAC Q1 Q2 Q3

SAC o Q $ D Natural Monopolies Monopoly Pricing LATC MR SMC LMC Pm Qc Qm AC p

MC Q o Pc Pm Qm Qc A Comparison D MR $

Price Discrimination ,[object Object],[object Object],[object Object],[object Object],[object Object]

$ D MR D` MR MC, ATV o Q Q P` P Q Q Price Discrimination

Monopsony vs. Monopoly MRPL:D L MR L MC L S L Wu o Eu Ec Wc Wm Em

Cartels Q Industry Σ MC Dm MR P,C P,C P o o Firm A Firm B o Q B Q A MC A MC B ATC A ATC B P,C

Comp mono

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