Principles of Economics Session 8
Principles of Economics Session 8
Topics To Be Covered iMperfect Competition market Power Characteristics of oligopoly Collusion vs Competition Kinked demand Curve model ◆ Game Theory Characteristics of Monopolistic Competition
Topics To Be Covered Imperfect Competition & Market Power Characteristics of Oligopoly Collusion vs. Competition Kinked Demand Curve Model Game Theory Characteristics of Monopolistic Competition
Topics To Be Covered Profits and Losses of the monopolistic firm Long-Run Equilibrium of Monopolistic Competitive market Monopolistic vs Perfect Competition Comparison and Contrast between Four Types of market structure ◆ Standards wars
Topics To Be Covered Profits and Losses of the Monopolistic Firm Long-Run Equilibrium of Monopolistic Competitive Market Monopolistic vs. Perfect Competition Comparison and Contrast between Four Types of Market Structure Standards Wars
Four Types of Market Structure Number of firms Many firms One Type of Products firm/Few firms Differentiated Identical products products Monopolistic Perfect Monopoly oligopoly Competition Competition · Tap water Automobile Clothing Wheat ●Cab|eTV ● Crude oil Furniture ●Rice
Four Types of Market Structure Monopoly • Tap water • Cable TV Oligopoly • Automobile • Crude oil Monopolistic Competition Perfect Competition • Clothing • Furniture • Wheat • Rice Number of Firms One Type of Products firm Few firms Differentiated products Many firms Identical products
Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly
Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly