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Lecture Essentials of Economics: Chapter 6 - Bradley, Cynthia Hill

Chapter 6 "Competition", after reading this chapter, you should be able to: Identify the unique characteristics of perfectly competitive firms and markets, illustrate how total profits change as output expands, describe how the profit-maximizing rate of output is found, recite the determinants of competitive market supply, explain why profits get eliminated in competitive markets. | Chapter 6 Competition Market Structure The number and relative size of firms vary across industries. Most real-world firms fall somewhere along a spectrum that stretches from one extreme (powerless) to another (powerful). 6- Market structure refers to the number and relative size of firms in an industry. Perfect competition and monopoly represent the two extreme market structures and are the least common in the U.S. Five common types of market structure: Perfect competition. Monopolistic competition. Oligopoly. Duopoly. Monopoly. Market Structure 6- There are five common types of market structures: perfect competition, monopolistic competition, oligopoly, duopoly, and monopoly. Figure 6.1 6- Competitive Firm A perfectly competitive firm has no market power: It is not able to alter the market price of the good it produces. It is a price taker. It competes with many other firms selling homogenous products. 6- There are many firms selling homogenous (identical) products. The firm must accept the market-determined price. Monopoly A monopoly firm is one that produces the entire market supply of a particular good or service. It has complete market power; it can alter the market price of a good or service. It is a price setter, not a price taker. It has no direct competitors. 6- A monopoly firm is the sole producer so it controls the entire supply curve. Imperfect Competition Other forms of imperfect competition lie between monopoly and perfect competition, with decreasing market power. Duopoly: only two firms supply a product. Oligopoly: a few large firms supply all or most of a particular product. Monopolistic competition: many firms supply essentially the same product but each enjoys significant brand loyalty. 6- Most industries fall in one of these forms. Perfect Competition Perfectly competitive firms have no brand image, no real market recognition. A perfectly competitive firm is one whose output is so small in relation to | Chapter 6 Competition Market Structure The number and relative size of firms vary across industries. Most real-world firms fall somewhere along a spectrum that stretches from one extreme (powerless) to another (powerful). 6- Market structure refers to the number and relative size of firms in an industry. Perfect competition and monopoly represent the two extreme market structures and are the least common in the U.S. Five common types of market structure: Perfect competition. Monopolistic competition. Oligopoly. Duopoly. Monopoly. Market Structure 6- There are five common types of market structures: perfect competition, monopolistic competition, oligopoly, duopoly, and monopoly. Figure 6.1 6- Competitive Firm A perfectly competitive firm has no market power: It is not able to alter the market price of the good it produces. It is a price taker. It competes with many other firms selling homogenous products. 6- There are many firms selling homogenous .