100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECO2023: Perfect Competition, Monopoly & Market Failure $15.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of Central Florida
  4.  
  5. Economics (ECO2023)

Class notes

ECO2023: Perfect Competition, Monopoly & Market Failure
 3 views  0 purchase

This document provides a detailed overview of economic concepts related to perfect competition, monopoly, and market failure. Key topics include externalities, marginal revenue, marginal cost, average cost, profit, and the distinction between short-run and long-run market behavior. It also addresse...

[Show more]

Preview 2 out of 11  pages

Document information

  • December 6, 2024
  • 11
  • 2024/2025
  • Class notes
  • J.i
  • N/a

Subjects

Written for

All documents for this subject (3)

Seller

avatar-seller
mq27196

Content preview

Perfect Competition T
Perfectly Competitive Market assumptions
Many buyers sellers
Allfirms sell homogenous same products
Iff Revenue
Costs
No barriers to entry in the market


Ell's pricetakers no single buyer seller can affect market price
No arbitrage buying in one market selling in another

sunk costs costs that cannot be changed ignore them
fixed costs costs that don't vary with quantity produced
variable costs costs that vary with quantity produced

hort Run period before entry exit occurs ignore FC
ong Run period after all entry exit occurs

plicit Costs Implicit Costs Marginal MR 1T
sts that involve spending costs that don't involve Revenue
oney out of pocket s'time
Equipment E.fi meiteyyncos marginal
mc.IT
food g next best thing
cost
MR MC pity
is MRC MC
t
a stfoduc EE.hn meaty
tgpE EEiiittiEim icit costs maximize




7
TIE gosgetProfanity FC V
markets
P MC
pame iii
n'rechand
cheese g
make
MR p singleFirm
MC Progger


at a III a

, 9 9
J
erfect Competition MC
verage cost cost per unit AC
Firm M
te that or p ac c

rofit area of rectangle

calculating Profit w AC


IEEE Eleven
T.it Yes
exit have occured
44815 558,9ft Entity
entre or exit
I 89 Ex
Short Run
otions
shutdown produce nothing choose whichever
continue to operate at a loss option maximizes profit
verage Variable cost AVC
nores fixed costs FC

AVC shutdown ALEFT Iff at aegg
AVC operate at a loss

Industry all firms that sell a
particular good or service
characteristics
aggin 1 Number of firms
2 similarity of good service
3 Ease new firms can enter industry
Industrial organization study of firm
Agglomeration effect structure industries and competition
benefits of industries clustering
together

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller mq27196. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53340 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.49
  • (0)
Add to cart
Added