Imperfect Competition
Need to KnowAt the end of this section the student should be able to:
• Give examples of IC markets in Ireland • Outline the assumptions underlying IC Compare Demand curves for PC and IC • Graph and describe the SR equilibrium of an IC firm • Graph and describe the LR equilibrium of an IC firm • Outline the advantages of IC • Outline the disadvantages of IC • Outline the similarities and differences of monopolies and IC firms Explain the disadvantages of advertising for the consumer Explain how forms in IC are wasteful of resources Explain why consumers prefer price competition to non-price competition Explain the potential benefits of non-price competition Contrast IC with PC and Mono |
ResourcesVideos |