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Title: Micro economics recap
Description: Difference between monopoly, oligopoly, monopolistic competition and perfect competition
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Monopolistic  
competition  
MC=MR  
Elastic  
Many  firms  
Differentiated  
product  (adverts)  

Pure  monopoly    

Oligopoly  

Perfect  competition  

MC=MR  
Perfect  elasticity  
One  firm  
Differentiated  
product  (no  close  
substitute)  
Very  high  barriers  to   Very  high  barriers  to  
entry  
entry  
MRMRSR  equilibrium:  
SR  equilibrium:  
economic  profit  
deadweight  loss  

MC=MR  
Elastic    
Few  firms  
Differentiated  product  
(adverts)  

MC=MR  
Perfect  elasticity  
Large  nb  of  firms  
Single  product    

Few  barriers  to  entry  
(more  in  long  run)  
MRSR  equilibrium:    

No  barriers  to  entry  

LR  equilibrium:  
normal  profit    
No  allocative  
efficiency  
Price  maker  
Control  within  
narrow  limits    
No  market  control    
 

LR  equilibrium:  
supernormal  profit    
No  allocative  
efficiency  
Price  maker  à  cartels  
Interdependent  price:  
Nash  equilibrium  
No  market  control  

LR  equilibrium:  
normal  profit  
Allocative  efficiency  
Price  maker  
 
No  market  control  

MR=price  
SR  equilibrium:  loss,  
normal  or  
supernormal  
LR  equilibrium:    
Allocative  efficiency  
Price  taker  
 
Market  control    

Title: Micro economics recap
Description: Difference between monopoly, oligopoly, monopolistic competition and perfect competition
Buy These NotesPreview