perfect competition, monopoly, monoplositc competition Flashcards
1
Q
oligioploy
A
few sellers(2-5), similar products, high barriers to entry
2
Q
oligopoly colludes
A
graph looks like monoply, they lower quantity (mark-up), increase price (excess capacity), Long run equilibrium= monoploists profit
3
Q
oligiopoly competes
A
looks like a monopolistic competition graph, long run equilibrium= 0 economic profit, firms enter + exit market
4
Q
monopolistic competion
A
many firms, differentiated products, easy entyr and exit downward sloping demand curve, MR is less than price or the demand curve
5
Q
monoploy
A
one seller, one product, high barriers to entry and exit
6
Q
zero-economic profit/fair return
A
ATC=AR=D
7
Q
allocatovely efficient/socially optimal
A
MC=D
8
Q
prouctively efficient
A
ATC=MC
9
Q
revenue maximzing/unit elasticity
A
MR=O
10
Q
Profit maximizing
A
MR=MC
