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Ch_6

Ch_6

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Published by: Jessica Adharana Kurnia on Mar 07, 2013
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03/07/2013

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Ch 6
The Theory of Producer
 
Market Structure
The way that firms compete in a market.Four types of Market Structure:
Perfect CompetitionMonopolyOligopolyMonopolistic Competition
Perfect InformationImperfectInformation
 
Perfect Competition
Characteristic of Perfect Competition:1.Perfect Information
 All the market participants (firms, consumers,input owners) possess all of the information.
2.Many Buyers & Sellers
With perfect information, producers can enter the market freely.
No individual firms can affect the marketprice.
Each firm is a
price-taker 
.
The firm
cannot 
set a price higher/lower thanthe market price.

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