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