The characteristics of perfect competition and imperfect competition (monopolistic competition, oligopoly, and monopoly). Barriers to entry don't exist for perfect competition, but barriers to entry exist for imperfect competition. What are the implications of barriers to entry to the firm and competition? What happens to consumer surplus is price is above equilibrium, or in this case above normal profits?
The characteristics of perfect competition and imperfect competition (monopolistic competition, oligopoly, and monopoly). Barriers to entry don't exist for perfect competition, but barriers to entry exist for imperfect competition. What are the implications of barriers to entry to the firm and competition? What happens to consumer surplus is price is above equilibrium, or in this case above normal profits?
Chapter26: Monopolistic Competition And Oligopoly
Section: Chapter Questions
Problem 10E
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