11/10 notes

Question 1

components of perfect competition

Answer 1

-p=mc
-p= min ATC
-0profit

Question 2

excess capacity

Answer 2

occurs when a firm operates or is producing output at less than the optimal level

Question 3

imperfect competition components

Answer 3

p>mc
-p>ATC
-0profit
-non price comp
–marketing ads

Question 4

marketing

Answer 4

all the things you need to do to sell a product
-emphasise difference
-branding: establish and protect brand (trademark)(ads)