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Lecture 2 (Market Equilibrium (Market Equilibrium where willigness to…
Lecture 2
Market Equilibrium
Market Equilibrium where willigness to demand and supply meets
more supply: cheaper
more demand: more expensive
Disequilibrium
Surplus
shortage
Schweinezyklus
price floor
gov intervention: alcohol
Market Types
Perfect competition
many comps
no market power
perfect information
supernormal profit = earning
profit = breakeven
two graphs needed
Monopoly
Marginal Revenue
Cost on demand curve
Strategic market
Oligopoly
plus one more
price ceiling
rents in germany
Pool equilibrium
god and bad in the same market
Separating equilibrium
Good and Bad in separate markets