8.1 Learning Outcomes
1. Define monopoly, oligopoly, monopolistic competition, and perfect competition 2. Distinguish between four market structures 3. Explain the short-run output rule and the break-even price
4. Explain the shut-down rule 5. Explain why the short-run supply curve is positively sloped 6. Explain why the long-run industry supply curve may be positively sloped 7. Describe the short-run and long-run effects of changes in demand for an increasing-cost industry 8. Describe the short-run and long-run effects of changes in demand for a constant-cost industry
8.2 Action Required:
Reading
Read the following to prepare for this week:
Survey of Economics, Chapter 6: Perfect Competition
Video:
MIT OpenCourseWare video lecture series, “Competition I”
8.3 Test your Knowledge (Question):
Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question. http://www.youtube.com/watch?v=jDnoR7IF_eY&list=SP61533C166E8B0028&index=11
Q1 Refer the video, in perfect competition, ‘firms are price taker’. With help of an example, explain how firms in perfect competition are price takers?
8.4 Instructions
Answer the question in test your knowledge section.
Post your answer in the discussion board using the discussion link below (Week5: Interactive learning Discussion)
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