Market structures, or industrial organization, describe the extent to which markets are competitive. At one extreme, pure monopoly means that there is only one firm in an industry. At the other extreme, economists describe a theoretical possibility termed perfect competition. In between are the market structures found most often in the real world, which are oligopoly and monopolistic competition.
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SubscribeAn Economics Topics Detail By Arnold S. Kling What Are the Costs of Production? Costs of production affect the decision an individual firm makes about how much to produce. They also affect how many firms will be in an industry. To illustrate the concepts of cost...
An Economics Topics Detail By Arnold S. Kling What Are Market Structures? Market structures, or industrial organization, describe the extent to which markets are competitive. At one extreme, pure monopoly means that there is only one firm in an industry. At the other e...
An Economics Topics Detail By Arnold S. Kling What Is Aggregate Demand? Aggregate demand is a term used in macroeconomics to describe the total demand for goods produced domestically, including consumer goods, services, and capital goods. It adds up everything purchase...
An Economics Topics Detail By Arnold S. Kling What Is Aggregate Supply? Aggregate supply is the relationship between the overall price level in the economy and the amount of output that will be supplied. As output goes up, prices will be higher. We draw attention to...
Introduction List of supporting materials such as details and reading lists List of Details Aggregate Demand Aggregate Supply Comparative Advantage Competition and Market Structures (Industrial Organization) Costs of Production
A College Economics Guide Supplementary resources for college students Introduction Making something--which is what economists mean when they talk about production--always costs something. Whether you are planting a seed in the hope of a future tree, making your hous...