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Microeconomics Assignment 3

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This assignment was completed during the Summer Semester of 2014 and received a grade of Credit.

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Microeconomics Assignment 3
Topics this document covers:
Market structure Imperfect competition Economy Market economics) Economics Oligopoly Monopolistic competition Market power Monopoly Economic equilibrium Competition Cartel
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Topics this document covers:
Market structure Imperfect competition Economy Market economics) Economics Oligopoly Monopolistic competition Market power Monopoly Economic equilibrium Competition Cartel
Sample Text:
Essentially this means that as a result of market power, a firm can have a certain degree of influence over the price of the good offered. In accordance to this, a firm’s market power is derived on the buyer’s sensitivity to price or the firm’s elasticity of demand. As market elasticity becomes higher this will enable the elasticity of demand for the firm’s product to be high and in turn cause market power to be relatively low. In order to increase their market power, firm’s reduce the elasticity of demand for their product and make their goods more inelastic through a reduction in the amount and closeness of substitutes – all achieved via various methods such as product differentiation. Another significant detriment which can aid a firm in increasing their market power is by operating at an economies of scale. (B). Whereas a monopoly is a ma...
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