ECON102 NOTES

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Contents

ECON one zero two NOTES

ECON one zero two NOTES

Chapter fifteen: Firms in Competitive Market

Competitive Market

Competitive Market

- A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.

- Perfectly Competitive Market

Average Revenue

Marginal Revenue

Firm's Temporary Shutdown

Shutdown

Exit

Sunk Cost

Measuring Profit in Our Graph for the Competitive Firm

Chapter sixteen: Monopoly

Monopoly

Natural Monopoly

Monopoly versus Competition

A Monopoly's Revenue

Profit Maximization

No supply curve for Monopoly

Monopoly's Profit

Price Discrimination

Perfect Price Discrimination

Increasing Competition with Antitrust Laws

Chapter seventeen: Monopolistic Competition

Oligopoly

Monopolistic Competition

The Monopolistically Competitive Firm in the Short Run

The Long-Run Equilibrium

Monopolistic vs Perfect Competition

Chapter eighteen: Oligopoly

Game Theory

Collusion

Cartel

Nash Equilibrium

Prisoners' Dilemma

Payoff Matrix

Dominant Strategy

Oligopolies as a Prisoners' Dilemma

Bundling

Overview

The document outlines key principles of economics related to competitive markets, focusing on how firms maximize profit and the conditions that dictate their operational decisions. It includes various tables and figures to illustrate important concepts like marginal cost, average total cost, and the short-run and long-run supply curves.

Key Points

1A competitive market consists of many buyers and sellers of identical products
2Profit maximization occurs where marginal revenue equals marginal cost
3Firms should shut down temporarily if total revenue falls below variable costs
4Long-run supply curves reflect zero economic profit where price equals average total cost
5Sunk costs are irrecoverable costs influencing firm exit decisions

Details

Category: Business and Finance

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ECON102 NOTES

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