Micro Economics (Non- Competitive Markets)
This Topic Covers the Following Topics.
- Introduction to Non-Competitive Markets
- Differences between competitive and non-competitive markets
- Assumptions of perfect competition and deviations leading to non-competitive markets
- Monopoly Market Structure
- Definition and characteristics of a monopoly
- Market demand curve and its role as the average revenue curve
- Relationship between Total Revenue (TR), Average Revenue (AR), and Marginal Revenue (MR)
- Equilibrium in a monopoly market: Short-run and long-run perspectives
- Profit maximization conditions (MR = MC)
- The concept of price discrimination
- Regulation and consumer protection in monopoly markets
- Impacts of monopoly on consumer welfare and market efficiency
- Monopolistic Competition
- Definition and features of monopolistic competition
- Differentiation of products and its impact on demand curves
- Short-run and long-run equilibrium in monopolistic competition
- Profit maximization and zero economic profit in the long run
- Role of entry and exit of firms in achieving long-run equilibrium
- Strategic behaviors and pricing in monopolistic competition
- Comparison with perfect competition and monopoly
- Oligopoly Market Structure
- Definition and characteristics of oligopoly
- Types of oligopoly (e.g., duopoly)
- Interdependence among firms and strategic decision-making
- Models of oligopoly: Cournot Model, Stackelberg Model, Bertrand Model
- Nash Equilibrium in the context of oligopoly
- Kinked Demand Curve Model and its implications for price stability
- Price wars and price leadership in oligopoly
- Cartels and collusion among firms to maximize collective profits
- Comparative Analysis of Market Structures
- Differences between monopoly, monopolistic competition, oligopoly, and perfect competition
- Effects on pricing, output, and efficiency in different market structures
- Long-term versus short-term equilibria in various market settings
- Strategic implications for firms operating in non-competitive markets
- Critical Views and Economic Theories Related to Non-Competitive Markets
- Theories supporting and criticizing monopolies and oligopolies
- The impact of technological advancements and innovation on market structures
- The role of government regulation and policy interventions in non-competitive markets
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