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Perfect competition and monopoly: The limiting cases of market structure

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Characteristics of a perfectly competition market. 9.2 ... An imperfectly competitive firm. 9.20. Imperfect competition. An oligopoly ... – PowerPoint PPT presentation

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Title: Perfect competition and monopoly: The limiting cases of market structure


1
Perfect competition and monopoly The limiting
cases of market structure
2
Perfect competition
Characteristics of a perfectly competition market
3
The supply curve under perfect competition (1)
4
The supply curve under perfect competition (2)
5
The supply curve under perfect competition (3)
6
The firm and the industry in the short run under
perfect competition (1)
INDUSTRY
Firm

7
The firm and the industry in the short run under
perfect competition (2)
INDUSTRY
SAC
8
The firm and the industry in the short run under
perfect competition (3)
INDUSTRY
9
Long-run equilibrium
INDUSTRY
Firm
10
Adjustment to an increase in market demand the
short run
11
Adjustment to an increase in market demand the
long run
12
Monopoly
13
Profit maximization by a monopolist
14
Comparing monopoly with perfect competition (1)
Suppose a competitive industry is taken over by a
monopolist
15
Comparing monopoly with perfect competition (2)
Suppose a competitive industry is taken over by a
monopolist
Output
16
Comparing monopoly with perfect competition (3)
17
A natural monopoly
18
Discriminating monopoly
19
Imperfect Competition
  • Why examine imperfect competitive market
    structures
  • Examples of imperfect competition

20
Most markets fall between the two extremes of
monopoly and perfect competition
  • An imperfectly competitive firm

21
Imperfect competition
  • An oligopoly
  • In an industry with monopolistic competition

22
Market structure
23
The minimum efficient scale and market demand
24
Monopolistic competition
  • Characteristics

25
Monopolistic competition (2)
MC

AC
F
P1AC1
D
MR
Q1
Output
26
Oligopoly
27
Collusion and cartels
  • COLLUSION
  • CARTEL

28
Collusion is difficult if
29
The kinked demand curve (1)
30
The kinked demand curve (2)
31
The kinked demand curve (3)
32
The kinked demand curve (4)
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