LECTURE FOUR

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Four Market Structures

The focus of this lecture is the four market structures. Students will learn the characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Using the cost schedule from the previous lecture, the idea of profit maximization is explored.

OBJECTIVES

1. Identify various market structures and their characteristics.

2. Be able to category firms into four market structures.

3. Describe the effects of imperfect competition upon the market and the firm.

4. Understand the pricing structure of the four structures.

TOPICS

Please read all the lectures by clicking on the following topics.

PERFECT COMPETITION

PERFECT COMPETITION CONT.

PERFECT COMPETITION EXAMPLE

PURE MONOPOLY

MONOPOLY EXAMPLE

PRICE DISCRIMINATION

MONOPOLISTIC COMPETITION

OLIGOPOLY

TECHNOLOGICAL DEVELOPMENT

ECONOMIC EFFICIENCY

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