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Imperfect Competition

Picture

Need to Know

At 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







Resources

Exam Questions - SQ
Exam Questions - LQ
Imperfect Competition Notes

Videos

Imperfect Competition - Youtube
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