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PERFECT COMPETITION AND DEMAND: The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also the firm's average revenue and, most importantly, its marginal revenue.

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Lesson Contents
Unit 1: Intro
  • Definition
  • Market Structure Continuum
  • Real World Oligopoly
  • Structure And Behavior
  • Unit 1 Summary
  • Unit 2: Structure
  • Concentration
  • Concentration Ratios
  • Herfindahl Index
  • Entry Barriers
  • Unit 2 Summary
  • Unit 3: Behavior
  • Interdependence
  • Collusion
  • Merger
  • Unit 3 Summary
  • Unit 4: Analysis
  • Kinked-Demand Curve
  • Kinked-Demand Curve Analysis
  • Collusion Cost
  • Collusion Output
  • Game Theory
  • Unit 4 Summary
  • Unit 5: Evaluation
  • The Bad
  • The Good
  • Government Intervention?
  • Unit 5 Summary
  • Course Home
    Oligopoly

    • The first unit of this lesson, A Few Firms, begins this lesson with a look at the nature of oligopoly and how it is related to other market structures.
    • In the second unit, Structure, we see how markets with a small number of large firms are structured.
    • The third unit, Behavior, then looks at some of activities undertaken by oligopoly that are not seen in other market structures.
    • In the fourth unit, Some Graphs, we use a few graphs to examine different ways that oligopoly firms interact in the production of output.
    • The fifth and final unit, Taking Stock, then closes this lesson by considering the good and the bad of oligopoly and why it is often prone to government scrutiny.

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