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market structure (monopoly (assumptions (only one firm, no close…
market structure
monopoly
assumptions
only one firm
no close substitutes
significant barriers to entry
barriers to entry
revenue curve
profit maximization
revenue maximization
natural monopoly
efficiency
policies
perfect competition
assumptions
same product
many firms
same price
free entry & exit
perfect resource mobility
revenue curve
profit maximization in SR
profit maximization in LR
shut-down price
break-even price
efficiency
monopolistic competition
assumptions
a large number of firms
differentiated products
no barriers to entry & exit
profit maximization in LR
profit maximization in SR
non-price competition
efficiency
oligopoly
assumptions
small number of firms
importance of interdependence
differentiated or homogeneous products
high barriers to entry
game theory
open/formal collusion
tacit/informal collusion