Chapter Overview
This chapter explores the different forms of markets—perfect competition, monopoly, monopolistic competition, and oligopoly—and explains how prices are determined in these market structures. It also discusses the concept of equilibrium price, the role of government in price regulation, and how changes in demand and supply affect pricing and output decisions.
Important Keywords
- Market: A platform where buyers and sellers interact to exchange goods or services.
- Perfect Competition: A market with many buyers and sellers offering identical products with no barriers to entry.
- Monopoly: A market with a single seller controlling the entire supply of a product.
- Monopolistic Competition: A market with many sellers offering differentiated but similar products.
- Oligopoly: A market dominated by a few large firms, often interdependent in pricing decisions.
- Price Determination: The interaction of demand and supply to set the equilibrium price and quantity.
- Equilibrium Price: The price at which the quantity demanded equals the quantity supplied.
Detailed Notes
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