Slide 17-1: WHAT IS PERFECT COMPETITION? Slide 2 Competition Economists classify markets based on how competitive they are Market structure: Describes the level of competition…
Slide 1 Cartel Theory of Oligopoly Definition A cartel is defined as a group of firms that gets together to make output and price decisions. Price Determination Cartel controls…
Slide 1 The Economic Effects of the 19 th Century Monopoly AN ECONOMIC MYSTERY Slide 2 Mystery The late nineteenth century was a time when business leaders used a variety…