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L1 16 The Firm and Market Structures

This class was created by Brainscape user Steven Popovic. Visit their profile to learn more about the creator.

By: Steven Popovic
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Decks in this class (14)

A
"describecharacteristicsof perfect competition,monopolistic competition, oligopoly, and pure monopoly;"
4  cards
C Describe a firms supply function under each market structure
Marginal cost curve above average...,
Monopolistic oligopoly monopoly s...
2  cards
G Describe the use and limitations of concentration measures in identifying market structure
Concentration measures indicate m...,
When examining the pricing power ...
2  cards
F Describe Pricing Strategy under each Market Structure
A summary of optimal pricing; profit strategies
4  cards
Perfect Competition
Perfect competition price taker,
Price taker demand,
Economic profit maximizing output...
11  cards
Monopolistic Competition 99-102
Monopolistic competition market c...,
Price searcher monopolistic comp,
Price output decision for monopol...
10  cards
Oligopoly 102-107
Oligolopoly compared to perfect m...,
Oligopoly assumptions in order to...,
Kinked demand curve assumes a fir...
8  cards
Monopoly 107 - 112
Assume single selling price,
Possible monopoly price strategie...,
Single price profit max q x mr mc
8  cards
a describe characteristics of perfect competition, monopolistic competition, oligopoly, and pure monopoly;
0  cards
b explain relationships between price, marginal revenue, marginal cost, economic profit, and the elasticity of demand under each market structure;
0  cards
d describe and determine the optimal price and output for firms under each market structure;
0  cards
e explain factors affecting long-run equilibrium under each market structure;
0  cards
g describe the use and limitations of concentration measures in identifying market structure;
0  cards
h identify the type of market structure within which a firm operates.
0  cards

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L1 16 The Firm and Market Structures

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