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Market Models - Coggle Diagram
Market Models
Pure competition
Large no of sellers
Standardised product
Price takers
Free entry and exit
Perfectly elastic demand
Profit maximisation
Total Revenue/Cost approach
Marginal revenue/cost approach
pure monopoly
Productive efficiency
Allocative efficiency
Consumer/producer surplus
Regulated monopoly
Monopolistic competition
Non-price competition
Advertising
Product differentiation
Long run: normal profit
Short run : economic profit
P equals MC equals ATC ( triple quality)
Respective differences
Number of firms
Type of product
Control over price
Conditions of entry
Oligopoly
Mutual interdependence
Strategic behaviour
Pricing models
Collusive pricing
Kinked demand curve
Price leadership
MR equals MC rule