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Chapter 21 - "Pure Competition"
Four Market Models
Pure Competition: Characteristics and Occurrence
Demand as Seen by a Purely Competitive Seller
Profit Maximization in the Short-run: TR/TC Approach
Profit Maximization in Short-run: MR/MC Approach
MC and Short-run Supply
Profit-Maximization in the Long-run
Pure Competition and Efficiency
- Pure Competition
- Pure monopoly
- Monopolistic Competition
- Oligopoly
Pure Competition: Characteristics and Occurrence
- Very large number of firms
- Standardized product
- "Price takers"
- Free entry and exit
- Many substitutes
Demand as Seen by a Purely Competitive Seller
- Perfectly Elastic Demand
- Average, Total and Marginal Revenue
Profit Maximization in the Short-run: TR/TC Approach
Profit Maximization in Short-run: MR/MC Approach
- Profit-maximizing case
- Loss-minimizing case
- Shut-down case
MC and Short-run Supply
Profit-Maximization in the Long-run
- Assumptions
- Long-run Equilibrium
- Entry eliminates economic profits
- Exit eliminates losses
- Long-run Supply for a constand cost industry
- LR supply for an increasing cost industry
- LR supply for a decreasing-cost industry
Pure Competition and Efficiency
- Productive Efficiency
- Allocative Efficiency
- Maximum CS and PS
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