Imperfectly competitive markets
Problem 1: What do economists mean by the term "imperfectly competitive markets"?Problem 2: ow do market prices differ between perfectly and imperfectly competitive markets?
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Problem 1: What do economists mean by the term "imperfectly competitive markets"? Problem 2: ow do market prices differ between perfectly and imperfectly competitive markets?
Illustrate the market for a good by drawing the industry's demand and supply curves. On the graph, identify the equilibrium price and the equilibrium quantity. Be sure to label all axes and curves.
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Suppose that the price of sugar increases causing a 20% reduction in the supply of celebrity lollipops. What information would you need to compute the effect of the reduction in supply on the equilibrium price?
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