Oligopoly Chapter 16 Copyright C 2001 by Harcourt, Inc All rights reserved. Requests for permission to make copies of any part of t work should be mailed to Permissions Department, Harcourt College Publishers 277. Sea Harbor Drive. Orlando Florida 32887-6777 ◎2001 by Harco
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Oligopoly Chapter 16 Copyright © 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777
Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly H arc Inc items and derived items copyright o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly
Imperfect Competition Imperfect competition includes industries in which firms have competitors but do not face so much competition that they are price takers. H arc Inc. items and derived items c ht o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Imperfect Competition Imperfect competition includes industries in which firms have competitors but do not face so much competition that they are price takers
Types of Imperfectly Competitive Markets Olig topol Only a few sellers, each offering a similar or identical product to the others Monopolistic Competition Many firms selling products that are similar but not identical H arc Inc items and derived items copyright o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Types of Imperfectly Competitive Markets uOligopoly uOnly a few sellers, each offering a similar or identical product to the others. uMonopolistic Competition uMany firms selling products that are similar but not identical
The Four Types of Market Structure Number of firms? Many firms One firm/Few Type of Products? firms Differentiated Identical products products Monopoly oligopoly Monopolistic Perfect Competition Competitio Tap water Tennis balls Novels Wheat Cable v Crude oil Movies o Milk H arc Inc. items and derived items c ht o 2001 by Harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Four Types of Market Structure Monopoly Oligopoly Monopolistic Competition Perfect Competition • Tap water • Cable TV • Tennis balls • Crude oil • Novels • Movies • Wheat • Milk Number of Firms? Type of Products? Many firms One firm Few firms Differentiated products Identical products