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Pure Monopoly

Single seller
No close substitute
Price maker
Blocked entry
Nonprice competition

Revenue and cost of a pure monopolist

Marginal & Average Revenue for a pure monopolist

Total Revenue for a pure monopolist

Output and Price Determination; Rule: MR=MC

Inefficiency of pure monopoly relative to a purely competitive


industry

Monopolistic Competition and Oligopoly


Relative large number of sellers:
small market share, no collusion,
independent actions
Differentiated products
Easy entry and exit
Advertising

Monopolistically Competitive industries

Output and Price

Output and Price

Output and Price

Oligopoly
A few large producers
Homogeneous or differentiated
products
Control over price, but mutual
interdependence
Entry barriers

Oligopoly Behavior: A Game Theory


Overview

Kinked-Demand Theory: Noncolussive


Oligopoly