Compare and contrast different market structures in the universe Compare the basic compeditve model vs perfect competition Chart on left Figure out dead weight options BCM-pc BCM-PC Marginal cost T(max) MR=MC Yes T(max) MR=MC Yes Price In Yes P>MC N-DWL N-ADV Oligopoly-few firms -direct interaction actions of one directly impact other firms in a market. -Firms are interdependent -crude oil, refining
Text automatically extracted from attachment below. Please download attachment to view properly formatted document.
---Extracted text from uploads/economics/economics_1.docx---