PPT covering Unit 7.6:
7.6 Different market structures
7.6.1 perfect competition and imperfect competition: monopoly, monopolistic competition, oligopoly, natural
monopoly
7.6.2 structure of the listed markets as explained by number of buyers and sellers, product differentiation,
degree of freedom of entry and availability of information
7.6.3 barriers to entry and exit:
• legal barriers
• market barriers
• cost barriers
• physical barriers
7.6.4 performance of firms in different market structures:
• revenues and revenue curves
• output in the short run and the long run
• profits in the short run and the long run
• shutdown price in the short run and the long run
• derivation of a firm’s supply curve in a perfectly competitive market
• efficiency and X-inefficiency in the short run and the long run
• contestable markets: features and implications
• price competition and non-price competition
• collusion and the Prisoner’s Dilemma in oligopolistic markets, including a two-player pay-off matrix
7.6.5 definition and calculation of the concentration ratio
- video links to key topics
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A-Level Econs (Unit 7) - The price system and the microeconomy
7.1 Utility 7.2 Indifference curves and budget lines 7.3 Efficiency and market failure 7.4 Private costs and benefits, externalities and social costs and benefits 7.5 Types of cost, revenue and profit, short-run and long-run production 7.6 Different market structures 7.7 Growth and survival of firms
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