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L1 16 The Firm and Market Structures > e explain factors affecting long-run equilibrium under each market structure; > Flashcards

e explain factors affecting long-run equilibrium under each market structure; Flashcards

L1 16 The Firm and Market Structures (14 decks)

C Describe a firms supply function under each market structure

G Describe the use and limitations of concentration measures in identifying market structure

F Describe Pricing Strategy under each Market Structure

Perfect Competition

Monopolistic Competition 99-102

Oligopoly 102-107

Monopoly 107 - 112

a describe characteristics of perfect competition, monopolistic competition, oligopoly, and pure monopoly;

b explain relationships between price, marginal revenue, marginal cost, economic profit, and the elasticity of demand under each market structure;

d describe and determine the optimal price and output for firms under each market structure;

e explain factors affecting long-run equilibrium under each market structure;

g describe the use and limitations of concentration measures in identifying market structure;

h identify the type of market structure within which a firm operates.

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