Review of Part 3

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Review of Part 3

This class Clark just went over the new market structures we have learned since the last test. He also touched on private goods and bads again so expect that on the final

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Lecture Note
University of Oklahoma
Econ 1123 - Princ. of Econ-Micro

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ECON 1123 1st Edition Lecture 24 Outline From Previous Lecture (Lecture 23) I. Game Theory A) Prisoner’s Dilemma B) Nash Equilibrium II. Summary of Market Structures A) Pure Competition B) Monopolistic Competition C) Oligopoly D) Pure Monopoly Outline Lecture 24 I. Monopolistic Competition A) Short Run B) Long Run II. Oligopoly A) Price Leadership/Dominant firm/ competitive fringe model B) Game theory III. Pure Monopoly Incurring a loss IV. Tax Incidence (and subsidy) Analysis V. Public Goods and Public Bads (externalities) Lecture 24 Notes VI. Monopolistic Competition C) Short Run- in monopolistic competition, positive economic profits will cause new entrants to come into the market who are after those profits (Firm is making a profit if the ATC curve is below the demand schedule in short run) These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.

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