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Matakuliah Tahun : F0882 - Economic Analysis : 2009 OLIGOPOLY AND MONOPOLISTIC COMPETITION Chapter 3 Learning Outcomes • Behavior of Imperfect Competitors • Innovation and Information • A Balance Sheet on Imperfect Competition Bina Nusantara University 3 Concentration Ratios Are Quantitative Measures of Market Power The Nature of Imperfect Competition 1. Cost 2. Barriers to Competition 3. Strategic Interaction Theories of Imperfect Competition 1. Collusive Oligopoly 2. Monopolistic Competition 3. Rivalry among the Few 4. Game Theory Bina Nusantara University 5 Collusive Oligopoly Looks Much Like Monopoly Monopolistic Competitors Produce Many Similar Goods Free Entry of Numerous Monopolistic Competitors Wipes Out Profit Firms Can Increase Their Profits through Price Discrimination Monopolists Cause Economic Waste by Restricting Output Perfect Competition
