Imperfect Competition
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each of the black spaces below before clicking
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| State the assumptions underlying the theory of imperfect competition? | show 🗑
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| show | Greater choice, normal profit, lower prices, innovative goods/services, access to information.
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| show | Earn normal profit because AR=AC
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| State the features of a firm in imperfect competition in the long run which is common to a firm in monopoly? | show 🗑
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| State an example which operates under conditions of imperfect competition? | show 🗑
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| show | Downwards sloping left to right
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| show | There are many goods which are close substitutes, if a firm increase its price, there will be a reduction in demand, as some consumers will switch to the competitive goods, which have become relatively cheaper.
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| Define product differentiation? | show 🗑
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| show | Branding, competitive advertising, product innovation.
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| Outline the equilibrium position facing a firm in imperfect competition in relation to SNP, Price and Equilibrium in the short run? | show 🗑
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| Outline the equilibrium position facing a firm in imperfect competition in the long run in relation to cost of production and scarce resources? | show 🗑
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| show | SNPs are earned as AR>AC, produced Q2 and sells this output at P2, Equilibrium(E1) occurs where MC=MR.
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| show | Not producing at the lowest point on AC at point C and they are wasting scarce resources.
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Created by:
deborahh
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