Author Question: Imperfect competition and market power (Read 71 times)

Kikoku · **on:** Apr 19, 2019

Question 1

Monopolies, oligopolies, and monopolistic competitive industries all

◦ earn positive profits in the long run.
◦ have market power.
◦ are completely unconstrained in their pricing.
◦ raise price and quantity over what would occur in perfect competition in order to maximize their profits.

Question 2

Imperfect competition and market power

◦ are major sources of inefficiency.
◦ result in higher output than in perfect competition.
◦ are always the result of product differentiation.
◦ result from diseconomies of scale.

kbennett34 · **Reply #1 on:** Apr 19, 2019

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