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Perfect Competition

Perfect Competition. Many (small) firms, producing a homogeneous (identical) product, none of which having an impact on the price; each firm's product is non-distinguishable from other firms' product. b. Many buyers none of whom having any effect on the price.

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771 views • 27 slides

Monopoly and market power

Monopoly and market power. Introduction. Definition of a monopoly Profit maximization Substitutes, elasticities and market power Suboptimal allocation of ressources Discussions. Definition of a monopoly. What do you know concerning: the number of firms? 1 firm

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462 views • 17 slides

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Perfect Competition

Monopoly and market power