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Global economics WGU

chapter 14 Four types of MArket Structre

QuestionAnswer
four types of market structure monopoly, oligopoly, monopolistic competition, perfect competition
monopoly (one firm) examples tap water, cable tv
oligopoly (a few firms) examples tennis balls, cigarettes
monopolistic competition (differential products) examples novels, movies
perfect competition (identical products) examples wheat, milk
monopoly has one firm
oligopoly has a few firms
monopolistic competition has differential products
perfect competition has identical products
competitive market is a market with many buyers and sellers
competitive market buyers and sellers are price takers
competitive market enter and exit the market easily
What type of products are traded on the competitive market? homogeneous
average revenue formula TR/Q (PxQ)/Q
marginal revenue changeTR/change (PxQ)
Q means output
quantity goes up MR > MC
quantity goes down MC > MR
perfect quantity MR = MC
in the short run shut down if TR is less than VC
in the short run shut down if Price is less than ATC
(P - ATC) x Q equals Profit
profit calculation (TR / Q - TC / Q) x Q
in the long run if market is profitable enter
in the long run if market is taking a loss exit
Created by: nashanta
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