- University of Washington - Seattle Campus
- Business Economics
- Business Economics 300
Last Modified: 2014-06-06
- all firms are profit maximizing
- no incentive for entry or exit because economic profit is 0
- No incentive for entry or exit because the economic profit is 0
- all firms in the industry are profit maximizing
- high barriers to entry
- no substitutes
- profit maximizing firm will choose and output level in the elastic portion
- several firms produce a large % of product
- strategic interdependance
- If one firm changes their advertising strategies then it will have an effect on both their and their competitions profits
- Incentive to Cooperate
- being able to cooperate. e.g. COKE VS PEPSI
- All firms economic profits must equal 0 when P=LRMC
- no incentive for entry or exit
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