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Characteristics Behavior Response to Profit Condition | ECON 2620, Study notes of Microeconomics

Material Type: Notes; Class: Principles of Microeconomics; Subject: Economics; University: Cuyahoga Community College District; Term: Unknown 1989;

Typology: Study notes

Pre 2010

Uploaded on 08/10/2009

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Characteristics
Behavior
Response to Profit Condition
Market
Structure
Number
Of
Firms
Entry and
Exit
Condition
Product
Type
Price
Strategy
Promotion
Strategy
Profit
Break- Short-
run even
Loss
Long-
run
Loss
Perfect
(Pure) Very
large
Number
Easy Standard Price
Taker None Reduce No
Price
Entry Action Price
Raise Exit
Monopoly One Blocked Unique Price
Maker
Regulated
None ? No
Action Price
Raise Subsidy
Monopolistic
Differentiated
Products
Large
Number
> 20
Easy Differen-
tiated Price
Maker
Features
Large
Amount
We are #1
Reduce No
Price
Entry Action Price
Raise Exit
?
Few May be Standard Interde- Reduce No
Oligopoly < 20 Impeded or
Unique pendant Price
Entry Action Price
Raise Exit
May
Take
Time
Note: Short-Run loss is when
AR < atc, and,
AR > avc.
Long-run loss is when
AR < atc, and,
AR < avc.

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Characteristics Behavior Response to Profit Condition

Market Structure

Number Of Firms

Entry and Exit Condition

Product Type

Price Strategy

Promotion Strategy Profit

Break- Short- even run Loss

Long- run Loss

Perfect (Pure)

Very large Number

Easy Standard Price Taker

None Reduce No Price Entry

Action Price

Raise Exit

Monopoly

One Blocked Unique Price Maker Regulated

None? No Action Price

Raise Subsidy

Monopolistic Differentiated Products

Large Number

20

Easy Differen- tiated

Price Maker Features

Large Amount We are #

Reduce No Price Entry

Action Price

Raise Exit

Few May be Standard Interde-? Reduce No Oligopoly < 20 Impeded or Unique

pendant Price Entry

Action Price

Raise Exit May Take Time

Note: Short-Run loss is when AR < atc, and, AR > avc. Long-run loss is when AR < atc, and, AR < avc.