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Fundamentals of Economics
, Second Edition
William Boyes, Arizona State University
Michael Melvin, Arizona State University
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Chapter Outlines
Chapter 6: Competition and Market Structures
- Characteristics of the Market Structures
- Perfect Competition
- Monopoly
- Monopolistic Competition
- Oligopoly
- Demand and Profit Maximization
- Firm Behavior in the Long Run
- Normal Profit in the Long Run:
Perfect Competition
- Normal Profit in the Long Run:
Monopolistic Competition
- The Benefits of Competition
- Consumer and Producer Surplus
- Deadweight Loss: Inefficiency
- Creating Barriers to Entry
Summary/Key Terms/Exercises
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