To make the narrowing-down process easier, they just describe their markets in terms of products they sell. For example, producers and retailers of greeting cards might define their market as the “greeting-card” market. But this production oriented approach ignores customers—and customers make a market! This also leads to missed opportunities...
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Hallmark isn’t missing these opportunities. Instead, Hallmark aims at the “personal-expression” market. Hallmark stores offer all kinds of products that can be sent as “memory makers”—to express one person’s 1: Name the broad product-market First, decide what broad product-market the firm wants to be in...
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Pure Competition At a lesser price, lesser would force the exit of the firms industry until the product rose to equal average total cost. The long- run supply curve is horizontal for a constant-cost industry, up-sloping for an increasing cost industry...	2 / 438
Compare and contrast the models of perfect competition and monopoly In the absence of government intervention, a monopoly is free to decide its price by equating its marginal revenue and marginal cost, and choose the price-quantity combination to maximize its profits...	4 / 904
A QUICK REVIEW (AND EXAMPLE) OF PERFECT COMPETITION Imagine that we have a market demand function given by P = 1010 ' .08Q, where P is the market price in the industry and Q is the total output of the good by producers in this particular industry...	1 / 270
Market Structure Maximize Profits The prices set by all firms are nearly identical, because any effort to change the price by one firm will induce other firms to follow suit. For this reason, prices, once fixed, tend to change very little in oligopoly...	2 / 399