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Economics For Business

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This is study notes for final exam. This is including all of topic of the subject.

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16 Pages Complete Study Notes 1-2 Years old
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Economics For Business
Topics this document covers:
Economy Economics Business economics Market structure Market Costs Imperfect competition Demand Marginal cost Supply and demand Economic equilibrium Perfect competition
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economy Economics Business economics Market structure Market Costs Imperfect competition Demand Marginal cost Supply and demand Economic equilibrium Perfect competition
Sample Text:
s • Identical or homogenous product • No barriers to entry or exit for firms • No one firm is able to influence price, so firms are price takers Monopoly • A firm is a monopoly if it is the sole seller of its product and if its product has no close substitutes • Monopoly is a form of an imperfect market • A monopoly firm can exercise market power • The main reason that monopolies occur is due to barriers to entry Monopoly competition • Many buyers and sellers • Each firm has small market share leading to limited market power • No collusion between firms • Independent actions of firms • Easy entry and exit of firms • Differentiated product Characteristic of oligopoly • A form of imperfect competition • A market structure in which a few firms dominate and are large enough to have some influence on the market outcome • The product can be homog...
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