Economics

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  • Created by: Tom
  • Created on: 07-01-14 17:40
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  • Market Structures
    • Oligopolistics
      • characteristics
        • Industry supply must be dominated by a few large firms
        • Firms must be interdependent
        • Barriers to entry
        • Price Ridity
      • TYPES?
        • Collusive
          • Firms do not compete on price and focus on non price factors
        • Competitive
          • Firms compete on price
    • Monopoly
      • Natural Monoply
        • HIGH !! economies of scale mean that other firm cannot compete
      • Pure Monoply
        • Single firm in the market contains 100% market share
      • Characteristics
        • There is only one firm in the industry
        • High Barriers to entry
        • Able to price discriminate
        • Creates Abnormal Profit
    • Monopolistic
      • Characteristics
        • Many firm competing on a narrow range of goods ( ,non-homogenous)
        • no barriers to entry and exit
        • firms are short run profit maximisers
        • Assumption that there is perfect knowledge

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