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Profit Maximization Under Different Market Structures
Transcript of Profit Maximization Under Different Market Structures
Short-run Profit Maximization
A market structure is the milieu of the firm's characteristics that influence its pricing and output decisions.
Types of Market Structures
A market structure in which the following five criteria are met:
1. All firms sell an identical product.
2. All firms are price takers; they cannot control the market price of their product.
3. All firms have a relatively small market share.
4. Buyers have complete information about the product being sold and the prices being charged by each firm.
5. The industry is characterized by freedom of entry and exit.
Perfect competition is sometimes referred to as "pure competition".
Demand Curve of
MR and MC Curves
TR and TC Approach
Marginal Revenue and
Marginal Cost Approach
in the Long Run