2709:(price less than unit cost)] must decide whether to continue to operate or temporarily shut down. The shutdown rule states "in the short run a firm should continue to operate if price exceeds average variable costs". Restated, the rule is that for a firm to continue producing in the short run it must earn sufficient revenue to cover its variable costs. The rationale for the rule is straightforward: By shutting down a firm avoids all variable costs. However, the firm must still pay fixed costs. Because fixed costs must be paid regardless of whether a firm operates they should not be considered in deciding whether to produce or shut down. Thus in determining whether to shut down a firm should compare total revenue to total variable costs (
1353:). Incumbent firms within the industry face losing their existing customers to the new firms entering the industry, and are therefore forced to lower their prices to match the lower prices set by the new firms. New firms will continue to enter the industry until the price of the product is lowered to the point that it is the same as the average cost of producing the product, and all of the economic profit disappears. When this happens, economic agents outside of the industry find no advantage to forming new firms that enter into the industry, the supply of the product stops increasing, and the price charged for the product stabilizes, settling into an
2639:. With this terminology, if a firm is earning abnormal profit in the short term, this will act as a trigger for other firms to enter the market. As other firms enter the market, the market supply curve will shift out, causing prices to fall. Existing firms will react to this lower price by adjusting their capital stock downward. This adjustment will cause their marginal cost to shift to the left causing the market supply curve to shift inward. However, the net effect of entry by new firms and adjustment by existing firms will be to shift the supply curve outward. The market price will be driven down until all firms are earning normal profit only.
3435:, impedes the smooth working of competition, which if left free to operate would cause a decrease of wages as long as there were unemployment, and would finally ensure the full employment of labour: labour unemployment is due to absence of perfect competition in labour markets. Most non-neoclassical economists deny that a full flexibility of wages would ensure the full employment of labour and find a stickiness of wages an indispensable component of a market economy, without which the economy would lack the regularity and persistence indispensable to its smooth working. This was, for example,
1329:
3447:
indefinite price flexibility as long as supply and demand are unequal, it only means a tendency to equality of wages for similar work, but the level of wages is necessarily determined by complex sociopolitical elements; custom, feelings of justice, informal allegiances to classes, as well as overt coalitions such as trade unions, far from being impediments to a smooth working of labour markets that would be able to determine wages even without these elements, are on the contrary indispensable because without them there would be no way to determine wages.
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disagree, even among the neoclassical ones. Thus when the issue is normal, or long-period, product prices, differences on the validity of the perfect competition assumption do not appear to imply important differences on the existence or not of a tendency of rates of return toward uniformity as long as entry is possible, and what is found fundamentally lacking in the perfect competition model is the absence of marketing expenses and innovation as causes of costs that do enter normal average cost.
1617:
materials. In real-world markets, assumptions such as perfect information cannot be verified and are only approximated in organized double-auction markets where most agents wait and observe the behaviour of prices before deciding to exchange (but in the long-period interpretation perfect information is not necessary, the analysis only aims at determining the average around which market prices gravitate, and for gravitation to operate one does not need perfect information).
1585:
1520:, had to get government approval to raise its prices. The government examined the monopoly's costs to determine whether the monopoly should be able raise its price, and could reject the monopoly's application for a higher price if the cost did not justify it. Although a regulated firm will not have an economic profit as large as it would in an unregulated situation, it can still make profits well above a competitive firm in a truly competitive market.
51:
3460:
conditions of perfect competition to be preserved. For the short-run, the supply of some factors are assumed to be fixed and as the price of the other factors are given, costs per unit must necessarily rise after a certain point. From a theoretical point of view, given the assumptions that there will be a tendency for continuous growth in size for firms, long-period static equilibrium alongside perfect competition may be incompatible.
878:
1305:, as the time that the owner spends running the firm could be spent on running a different firm. The enterprise component of normal profit is thus the profit that a business owner considers necessary to make running the business worth while: that is, it is comparable to the next best amount the entrepreneur could earn doing another job. Particularly if enterprise is not included as a
1447:: these stop other firms from entering into the industry and sapping away profits, as they would in a more competitive market. In cases where barriers are present, but more than one firm, firms can collude to limit production, thereby restricting supply in order to ensure that the price of the product remains high enough for all firms in the industry to achieve an economic profit.
866:
1309:, it can also be viewed a return to capital for investors including the entrepreneur, equivalent to the return the capital owner could have expected (in a safe investment), plus compensation for risk. In other words, the cost of normal profit varies both within and across industries; it is commensurate with the riskiness associated with each type of investment, as per the
2009:, and through the condition of cost minimization that marginal products must be proportional to factor 'prices' it can be shown that the cost increase is the same if the output increase is obtained by optimally varying all factors). Optimal factor employment by a price-taking firm requires equality of factor rental and factor marginal revenue product,
1107:
maximally perfect. But if the principle of atomic balance operates in the market, then even between two equal forces perfect competition may arise. If we try to artificially increase the number of competitors and to reduce honest local big business to small size, we will open the way for unscrupulous monopolies from outside.
2593:
this theorem is considered irrelevant by economists who do not believe that general equilibrium theory correctly predicts the functioning of market economies; but it is given great importance by neoclassical economists and it is the theoretical reason given by them for combating monopolies and for antitrust legislation.
3154:
shut down is not producing. The firm still retains its capital assets; however, the firm cannot leave the industry or avoid its fixed costs in the short run. Exit is a long-term decision. A firm that has exited an industry has avoided all commitments and freed all capital for use in more profitable enterprises.
2791:), then the firm is covering all variable costs and there is additional revenue ("contribution"), which can be applied to fixed costs. (The size of the fixed costs is irrelevant as it is a sunk cost. The same consideration is used whether fixed costs are one dollar or one million dollars.) On the other hand, if
1454:, a professor at the University of Western Sydney, argue that even an infinitesimal amount of market power can allow a firm to produce a profit and that the absence of economic profit in an industry, or even merely that some production occurs at a loss, in and of itself constitutes a barrier to entry.
3446:
on this issue: the labour demand curve cannot be determined hence a level of wages ensuring the equality between supply and demand for labour does not exist, and economics should resume the viewpoint of the classical economists, according to whom competition in labour markets does not and cannot mean
1616:
As mentioned above, the perfect competition model, if interpreted as applying also to short-period or very-short-period behaviour, is approximated only by markets of homogeneous products produced and purchased by very many sellers and buyers, usually organized markets for agricultural products or raw
1403:
Profit can, however, occur in competitive and contestable markets in the short run, as firms jostle for market position. Once risk is accounted for, long-lasting economic profit in a competitive market is thus viewed as the result of constant cost-cutting and performance improvement ahead of industry
1106:
In modern conditions, the theory of perfect competition has been modified from a quantitative assessment of competitors to a more natural atomic balance (equilibrium) in the market. There may be many competitors in the market, but if there is hidden collusion between them, the competition will not be
2592:
Monopoly violates this optimal allocation condition, because in a monopolized industry market price is above marginal cost, and this means that factors are underutilized in the monopolized industry, they have a higher indirect marginal utility than in their uses in competitive industries. Of course,
1491:
in which they were faced with stringent oversight procedures and explicit requirements designed to prevent this predatory behaviour. With lower barriers, new firms can enter the market again, making the long run equilibrium more like that of a competitive industry, with no economic profit for firms.
1090:
under imperfect competition implies that the seller would sell their goods at different prices depending on the characteristic of the buyer to increase revenue (Robinson,204.) Joan
Robinson and Edward Chamberlain came to many of the same conclusions regarding imperfect competition while still adding
3455:
Equilibrium in perfect competition is the point where market demands will be equal to market supply. A firm's price will be determined at this point. In the short run, equilibrium will be affected by demand. In the long run, both demand and supply of a product will affect the equilibrium in perfect
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do not enter the computers or pharmaceutical industries is not insurmountable barriers to entry but rather that the rate of return in the latter industries is already sufficiently in line with the average rate of return elsewhere as not to justify entry. On this few economists, it would seem, would
3153:
A decision to shut down means that the firm is temporarily suspending production. It does not mean that the firm is going out of business (exiting the industry). If market conditions improve, and prices increase, the firm can resume production. Shutting down is a short-run decision. A firm that has
1592:
cannot be sustained. The arrival of new firms or expansion of existing firms (if returns to scale are constant) in the market causes the (horizontal) demand curve of each individual firm to shift downward, bringing down at the same time the price, the average revenue and marginal revenue curve. The
1399:
associated with producing and selling the product disappears, and the initial monopoly turns into a competitive industry. In the case of contestable markets, the cycle is often ended with the departure of the former "hit and run" entrants to the market, returning the industry to its previous state,
1078:
wrote "Monopolistic
Competition" in 1933 as "a challenge to the traditional viewpoint that competition and monopolies are alternatives and that individual prices are to be explained in either terms of one or the other" (Dewey,88.) In this book, and for much of his career, he "analyzed firms that do
3366:
assumption because it makes economic agents too "passive", but because it then raises the question of who sets the prices. Indeed, if everyone is price taker, there is the need for a benevolent planner who gives and sets the prices, in other word, there is a need for a "price maker". Therefore, it
3358:
and impossibility to differentiate it, but apart from this, the accusation of passivity appears correct only for short-period or very-short-period analyses, in long-period analyses the inability of price to diverge from the natural or long-period price is due to active reactions of entry or exit.
2903:
Another way to state the rule is that a firm should compare the profits from operating to those realized if it shut down and select the option that produces the greater profit. A firm that is shut down is generating zero revenue and incurring no variable costs. However, the firm still has to pay
3426:
The issue is different with respect to factor markets. Here the acceptance or denial of perfect competition in labour markets does make a big difference to the view of the working of market economies. One must distinguish neoclassical from non-neoclassical economists. For the former, absence of
1344:
until there was no longer any economic profit. As new firms enter the industry, they increase the supply of the product available in the market, and these new firms are forced to charge a lower price to entice consumers to buy the additional supply these new firms are supplying as the firms all
3459:
As it is well known, requirements for firm's cost-curve under perfect competition is for the slope to move upwards after a certain amount is produced. This amount is small enough to leave a sufficiently large number of firms in the field (for any given total outputs in the industry) for the
3157:
However, a firm cannot continue to incur losses indefinitely. In the long run, the firm will have to earn sufficient revenue to cover all its expenses and must decide whether to continue in business or to leave the industry and pursue profits elsewhere. The long-run decision is based on the
3401:
and distribution, but not because of their rejection of perfect competition as a reasonable approximation to the working of most product markets; the reasons for rejection of the neoclassical 'vision' are different views of the determinants of income distribution and of aggregated demand.
2642:
It is important to note that perfect competition is a sufficient condition for allocative and productive efficiency, but it is not a necessary condition. Laboratory experiments in which participants have significant price setting power and little or no information about their counterparts
3405:
In particular, the rejection of perfect competition does not generally entail the rejection of free competition as characterizing most product markets; indeed it has been argued that competition is stronger nowadays than in 19th century capitalism, owing to the increasing capacity of big
1091:
a bit of their twist to the theory. Despite their similarities or disagreements about who discovered the idea, both were extremely helpful in allowing firms to understand better how to center their goods around the wants of the consumer to achieve the highest amount of revenue possible.
1123:– A large number of consumers with the willingness and ability to buy the product at a certain price, and a large number of producers with the willingness and ability to supply the product at a certain price. As a result, individuals are unable to influence prices more than a little.
1440:, they are not price takers, but instead either price-setters or quantity setters. This allows the firm to set a price that is higher than that which would be found in a similar but more competitive industry, allowing them economic profit in both the long and short run.
2378:. The indirect marginal utility of the factor is the increase in the utility of our consumer achieved by an increase in the employment of the factor by one (very small) unit; this increase in utility through allocating the small increase in factor utilization to good
1395:, the number of firms that produce this product will increase until the available supply of the product eventually becomes relatively large, the price of the product shrinks down to the level of the average cost of producing the product. When this finally occurs, all
1086:, who published her book "The Economics of Perfect Competition" the same year Chamberlain published his. While Chamberlain focused much of his work on product development, Robinson focused heavily on price formation and discrimination (Sandmo,303.) The act of
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in all uses, a basic efficiency condition (if this indirect marginal utility were higher in one use than in other ones, a Pareto improvement could be achieved by transferring a small amount of the factor to the use where it yields a higher marginal utility).
2613:
in the long run, which is to say that a firm cannot make any more money than is necessary to cover its economic costs. In order not to misinterpret this zero-long-run-profits thesis, it must be remembered that the term 'profit' is used in different ways:
2622:
costs have been subtracted; including normal interest on capital plus the normal excess over it required to cover risk, and normal salary for managerial activity. This means that profit is calculated after the actors are compensated for their opportunity
2821:
then the firm is not covering its production costs and it should immediately shut down. The rule is conventionally stated in terms of price (average revenue) and average variable costs. The rules are equivalent (if one divides both sides of inequality
1055:, productive efficiency occurs as new firms enter the industry. Competition reduces price and cost to the minimum of the long run average costs. At this point, price equals both the marginal cost and the average total cost for each good (P = MC = AC).
1620:
In the absence of externalities and public goods, perfectly competitive equilibria are Pareto-efficient, i.e. no improvement in the utility of a consumer is possible without a worsening of the utility of some other consumer. This is called the
1499:
In a regulated industry, the government examines firms' marginal cost structure and allows them to charge a price that is no greater than this marginal cost. This does not necessarily ensure zero
Economic profit for the firm, but eliminates a
1150:: The products are perfect substitutes for each other (i.e., the qualities and characteristics of a market good or service do not vary between different suppliers). There are many instances in which there exist "similar" products that are
3215:, then the firm will exit the industry. These comparisons will be made after the firm has made the necessary and feasible long-term adjustments. In the long run a firm operates where marginal revenue equals long-run marginal costs.
1115:
There is a set of market conditions which are assumed to prevail in the discussion of what perfect competition might be if it were theoretically possible to ever obtain such perfect market conditions. These conditions include:
2900:). If the firm decides to operate, the firm will continue to produce where marginal revenue equals marginal costs because these conditions insure not only profit maximization (loss minimization) but also maximum contribution.
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again. With our choice of units the marginal utility of the amount of the factor consumed directly by the optimizing consumer is again w, so the amount supplied of the factor too satisfies the condition of optimal allocation.
2292:
1473:(US) or competition (elsewhere) laws were created to prevent powerful firms from using their economic power to artificially create the barriers to entry they need to protect their economic profits. This includes the use of
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1158:, so that a rise in the price of one good will cause a significant shift to the consumption of the close substitute. If the cost of changing a firm's manufacturing process to produce the substitute is also relatively "
2216:
2139:
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proves that if one optimality condition in an economic model cannot be satisfied, it is possible that the next-best solution involves changing other variables away from the values that would otherwise be optimal.
2221:
Now choose any consumer purchasing both goods, and measure his utility in such units that in equilibrium his marginal utility of money (the increase in utility due to the last unit of money spent on each good),
3014:
2630:
Thus, if one leaves aside risk coverage for simplicity, the neoclassical zero-long-run-profit thesis would be re-expressed in classical parlance as profits coinciding with interest in the long period (i.e. the
3685:
Henderson, James M., and
Richard E. Quandt, "Micro Economic Theory, A Mathematical Approach. 3rd Edition", New York: McGraw-Hill Book Company, 1980. Glenview, Illinois: Scott, Foresmand and Company, 1988.
1243:: All consumers and producers know all prices of products and utilities they would get from owning each product. This prevents firms from obtaining any information which would give them a competitive edge.
3333:
curve at and above minimum of the average variable cost curve and a segment that runs on the vertical axis from the origin to but not including a point at the height of the minimum average variable cost.
3410:
firms to enter any industry: therefore the classical idea of a tendency toward a uniform rate of return on investment in all industries owing to free entry is even more valid today; and the reason why
1094:
Real markets are never perfect. Those economists who believe in perfect competition as a useful approximation to real markets may classify those as ranging from close-to-perfect to very imperfect. The
2626:
Classical economists on the contrary define profit as what is left after subtracting costs except interest and risk coverage. Thus, the classical approach does not account for opportunity costs.
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2007:
1129:: It is assumed that a market of perfect competition shall provide the regulations and protections implicit in the control of and elimination of anti-competitive activity in the market place.
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outcome is that, in the long run, the firm will make only normal profit (zero economic profit). Its horizontal demand curve will touch its average total cost curve at its lowest point. (See
1961:
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3354:, advertising, innovation, activities that – the critics argue – characterize most industries and markets. These criticisms point to the frequent lack of realism of the assumptions of
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makes the perfect competition model appropriate not to describe a decentralized "market" economy but a centralized one. This in turn means that such kind of model has more to do with
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1162:" in relationship to the firm's overall profit and cost, this is sufficient to ensure that an economic situation isn't significantly different from a perfectly competitive economic
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1625:. The basic reason is that no productive factor with a non-zero marginal product is left unutilized, and the units of each factor are so allocated as to yield the same indirect
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equals factor 'price' divided by factor marginal productivity (because increasing the production of good by one very small unit through an increase of the employment of factor
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Gretsky, Neil E, Ostroy, Joseph M & Zame, William R, 1999. Perfect
Competition in the Continuous Assignment Model. Journal of economic theory, 88(1), pp.60–118.
1840:
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4091:, 2nd ed. (Addison-Wesley 1998) at 312–14. A firm's production function may display diminishing marginal returns at all production levels. In that case both the
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for product markets is often criticized as representing all agents as passive, thus removing the active attempts to increase one's welfare or profits by price
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A monopolist can set a price in excess of costs, making an economic profit. The above diagram shows a monopolist (only one firm in the market) that obtains a
1074:
Imperfect competition was a theory created to explain the more realistic kind of market interaction that lies in between perfect competition and a monopoly.
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908:
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1512: – it will sometimes try to regulate the existing uncompetitive market by controlling the price firms charge for their product. For example, the old
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cause changes in price; especially in manufacturing, the more common behaviour is alteration of production without nearly any alteration of price.
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gave the first rigorous definition of perfect competition and derived some of its main results. In the 1950s, the theory was further formalized by
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In a single-goods case, a positive economic profit happens when the firm's average cost is less than the price of the product or service at the
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creates considerable difficulties for the demonstration of a general equilibrium except under other, very specific conditions such as that of
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and assigning to each agent his contribution to social welfare, is esteemed to be fundamentally correct. Some non-neoclassical schools, like
2635:
tending to coincide with the rate of interest). Profits in the classical meaning do not necessarily disappear in the long period but tend to
1159:
3389:
insists strongly on this criticism, and yet the neoclassical view of the working of market economies as fundamentally efficient, reflecting
4466:
4398:
Novshek, W., and H. Sonnenschein (1987), "General
Equilibrium with Free Entry: A Synthetic Approach to the Theory of Perfect Competition",
1235:
are perfectly mobile, allowing free long term adjustments to changing market conditions. This allows workers to freely move between firms.
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output. The economic profit is equal to the quantity of output multiplied by the difference between the average cost and the price.
1481:
was initially convicted of breaking Anti-Trust Law and engaging in anti-competitive behavior in order to form one such barrier in
1391:, will be limited. In the long run, however, when the profitability of the product is well established, and because there are few
5603:
3681:
Roger LeRoy Miller, "Intermediate
Microeconomics Theory Issues Applications, Third Edition", New York: McGraw-Hill, Inc, 1982.
1517:
901:
5011:
3683:
Edwin
Mansfield, "Micro-Economics Theory and Applications, 3rd Edition", New York and London:W.W. Norton and Company, 1979.
3550:
Groenewegen, Peter. "Notions of
Competition and Organised Markets in Walras, Marshall and some of the Classical Economists."
2929:. An operating firm is generating revenue, incurring variable costs and paying fixed costs. The operating firm's profit is
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3267:) curve at and above the shutdown point. Portions of the marginal cost curve below the shutdown point are not part of the
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situation. In these scenarios, individual firms have some element of market power: Though monopolists are constrained by
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Some economists have a different kind of criticism concerning perfect competition model. They are not criticizing the
1387:). At this stage, the initial price the consumer must pay for the product is high, and the demand for, as well as the
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1420:. An oligopoly usually has economic profit also, but operates in a market with more than just one firm (they must
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profit is a component of (implicit) costs and not a component of business profit at all. It represents all the
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Garegnani, P. (1990), "Sraffa: classical versus marginalist analysis", in K. Bharadwaj and B. Schefold (eds),
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equilibrium; if it did, there would be an incentive for new firms to enter the industry, aided by a lack of
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Arrow, Kenneth J.; Debreu, Gerard (July 1954). "Existence of an
Equilibrium for a Competitive Economy".
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A simple proof assuming differentiable utility functions and production functions is the following. Let
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329:
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Robinson, J. (1934). What is perfect competition?. The Quarterly Journal of Economics, 49(1), 104-120.
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Tirole, Jean, "The Theory of Industrial Organization", Cambridge, Massachusetts: The MIT Press, 1988.
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If a government feels it is impractical to have a competitive market – such as in the case of a
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supply curve because the firm is not producing any positive quantity in that range. Technically the
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The critics of the assumption of perfect competition in product markets seldom question the basic
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Another frequent criticism is that it is often not true that in the short run differences between
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Kirzner, I. (1981), "The 'Austrian' perspective on the crisis", in D. Bell and I. Kristol (eds),
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Often, governments will try to intervene in uncompetitive markets to make them more competitive.
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1204:: Costs or benefits of an activity do not affect third parties. This criterion also excludes any
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not produce identical goods, but goods that are close substitutes for one another" (Sandmo,300.)
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Economic profit is, however, much more prevalent in uncompetitive markets such as in a perfect
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competition. A firm will receive only normal profit in the long run at the equilibrium point.
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1075:
726:
701:
651:
611:
491:
448:
384:
349:
339:
171:
133:
89:
1842:
be these goods' prices. In equilibrium these prices must equal the respective marginal costs
5467:
5412:
5397:
5382:
5367:
5347:
5297:
5277:
5257:
5212:
4819:
4769:
4739:
4734:
4624:
4550:
3640:
3606:
3569:
1745:
1626:
1509:
1487:; after a successful appeal on technical grounds, Microsoft agreed to a settlement with the
1444:
1302:
1288:
1274:
1257:
1187:
1175:
1068:
776:
721:
706:
691:
676:
656:
606:
586:
566:
521:
394:
344:
314:
309:
3842:"United States of America, Plaintiff, v. Microsoft Corporation, Defendant", Final Judgement
1818:
1791:
1636:
1332:
Only in the short run can a firm in a perfectly competitive market make an economic profit.
50:
5578:
5472:
5437:
5402:
5337:
5262:
5247:
5141:
5097:
4934:
4868:
4843:
4838:
4814:
4545:
4530:
4473:
4436:
3390:
3386:
2610:
1589:
1533:
1501:
1470:
1417:
1396:
1392:
1388:
1381:
1346:
1227:
1170:
1151:
870:
781:
746:
711:
646:
571:
556:
443:
418:
413:
389:
161:
156:
3090:, is the contribution to fixed costs and any contribution is better than none. Thus, if
5492:
5477:
5442:
5427:
5407:
5377:
5227:
5197:
4848:
4557:
4525:
4449:
3971:
3951:
3841:
3688:
John Black, "Oxford Dictionary of Economics", New York: Oxford University Press, 2003.
3495:
3428:
3411:
3351:
2855:
2632:
2486:
2381:
1907:
1771:
1751:
1663:
1536:. This situation is shown in this diagram, as the price or average revenue, denoted by
1292:
1253:
1219:
1060:
1059:
The theory of perfect competition has its roots in late-19th century economic thought.
974:
946:
801:
786:
751:
736:
716:
686:
536:
506:
423:
113:
109:
3655:
Bork, Robert H. (1993). The Antitrust Paradox (second edition). New York: Free Press.
1269:: These determine what may be sold, as well as what rights are conferred on the buyer.
5592:
5457:
5447:
5422:
5362:
5357:
5352:
5332:
5322:
5292:
5282:
5187:
5087:
5060:
4824:
4314:
Kaldor, N. (1934). The equilibrium of the firm. The economic journal, 44(173), 60-76.
2636:
1901:
1316:
In circumstances of perfect competition, only normal profits arise when the long run
1200:
1083:
1064:
997:
766:
756:
731:
671:
666:
661:
641:
631:
601:
591:
496:
399:
4327:
Arrow, K. J. (1959), "Toward a theory of price adjustment", in M. Abramovitz (ed.),
5487:
5432:
5327:
5317:
5312:
5237:
5082:
4607:
4535:
3443:
3432:
3347:
3343:
1602:
1372:. Normally, a firm that introduces a differentiated product can initially secure a
1320:
is reached; there is no incentive for firms to either enter or leave the industry.
1139:
1048:
1029:
1009:
1005:
882:
796:
741:
636:
626:
621:
546:
94:
17:
4367:, London: Unwin and Hyman, pp. 112–40 (reprinted 1992 by Routledge, London).
2761:). If the revenue the firm is receiving is greater than its total variable cost (
2287:{\displaystyle {\frac {{\text{MU}}_{1}}{p_{1}}}={\frac {{\text{MU}}_{2}}{p_{2}}}}
5462:
5452:
5242:
5121:
5065:
4540:
3644:
3363:
1134:
771:
761:
551:
186:
4243:
1222:
ensures that there will always be a sufficient number of firms in the industry.
5372:
5172:
4949:
4299:
3631:
Lordkipanidze, Revaz. "Theory of Perfect Competition": 2024: 148 (4-6; 9-10):
3595:
Lipsey, R. G.; Lancaster, Kelvin (1956). "The General Theory of Second Best".
2643:
consistently produce efficient results given the proper trading institutions.
1594:
1451:
1192:
1000:
is equal to average revenue i.e. price (MC = AR). In perfect competition, any
949:
where conditions of perfect competition hold, it has been demonstrated that a
681:
481:
5222:
5152:
4599:
4517:
4509:
3368:
2606:
1433:
962:
922:
531:
462:
42:
3419:
2581:{\displaystyle {\text{MP}}_{j2}{\text{MU}}_{2}={\text{MP}}_{j2}p_{2}=w_{j}}
2476:{\displaystyle {\text{MP}}_{j1}{\text{MU}}_{1}={\text{MP}}_{j1}p_{1}=w_{j}}
4429:
Sandmo, Agnar. “Chapter 13: New Prospectives on Markets and Competition.”
4341:
Dewey, Donald. “Monopolistic Competition as a Mathematical Complication.”
865:
27:
Market structure in which firms are price takers for a homogeneous product
5001:
2602:
1429:
1361:
1337:
1025:
3311:
supply curve is a discontinuous function composed of the segment of the
2211:{\displaystyle p_{2}={\text{MC}}_{j2}={\frac {w_{j}}{{\text{MP}}_{j2}}}}
2134:{\displaystyle p_{1}={\text{MC}}_{j1}={\frac {w_{j}}{{\text{MP}}_{j1}}}}
1400:
just with a lower price and no economic profit for the incumbent firms.
4391:
McNulty, P. J. (1967), "A note on the history of perfect competition",
3618:
3581:
1278:: Buyers and sellers do not incur costs in making an exchange of goods.
3342:
The use of the assumption of perfect competition as the foundation of
3245:) supply curve for a perfectly competitive firm is the marginal cost (
1098:
market is an example of a very imperfect market. In such markets, the
4412:
Roberts, J. (1987). "Perfectly and imperfectly competitive markets",
966:
3610:
3573:
2618:
Neoclassical theory defines profit as what is left of revenue after
3009:{\displaystyle {\text{R}}-{\text{VC}}-{\text{FC}}\geq -{\text{FC}}}
1532:
In the short run, it is possible for an individual firm to make an
937:, is defined by several idealizing conditions, collectively called
4239:
4135:
curve would originate at the origin and there would be no minimum
3415:
1583:
1527:
1494:
1411:
1327:
1191:: This implies that both entry and exit must be perfectly free of
1047:, as output will not always occur where marginal cost is equal to
970:
4482:
1477:
toward smaller competitors. For example, in the United States,
1443:
The existence of economic profits depends on the prevalence of
1368:
industries and, more generally, any market which is held to be
3532:
Theory of Value: An Axiomatic Analysis of Economic Equilibrium
1404:
competitors, allowing costs to be below the market-set price.
4343:
The Theory of Imperfect Competition: A Radical Reconstruction
4334:
Aumann, R. J. (1964), "Markets with a Continuum of Traders",
3385:
view of the working of market economies for this reason. The
2609:, in perfect competition it is impossible for a firm to earn
1082:
Another key player in understanding imperfect competition is
4478:
3534:, Yale University Press, New Haven CT (September 10, 1972).
3158:
relationship of the price and long-run average costs. If
1336:
Economic profit does not occur in perfect competition in
1008:
equal to its marginal cost (P = MC). This implies that a
1291:: sellers make a level of return on investment known as
2904:
fixed cost. So the firm's profit equals fixed costs or
1252:: Firms sell where the most profit is generated, where
4331:, Stanford: Stanford University Press, pp. 41–51.
1516:(regulated) monopoly, which existed before the courts
1212:
Non-increasing returns to scale and no network effects
4213:
4191:
4163:
4141:
4119:
4097:
3974:
3954:
3932:
3317:
3295:
3273:
3251:
3229:
3193:
3164:
3126:
3096:
3074:
3052:
3022:
2973:
2935:
2910:
2878:
2858:
2828:
2797:
2767:
2737:
2715:
2687:
2657:
2509:
2489:
2404:
2384:
2342:
2300:
2228:
2147:
2070:
2015:
1969:
1930:
1910:
1877:
1848:
1821:
1794:
1774:
1754:
1718:
1686:
1666:
1639:
1564:
1542:
3798:
3796:
3794:
3792:
3790:
3788:
3786:
1043:, perfectly competitive markets are not necessarily
5508:
5150:
4884:
4633:
4598:
4516:
3698:
3696:
4433:, Princeton University Press, Princeton, NJ, 2011.
4221:
4199:
4177:
4149:
4127:
4105:
3980:
3960:
3940:
3325:
3303:
3281:
3259:
3237:
3207:
3179:
3142:
3112:
3082:
3060:
3038:
3008:
2960:{\displaystyle {\text{R}}-{\text{VC}}-{\text{FC}}}
2959:
2921:
2892:
2864:
2844:
2813:
2783:
2753:
2723:
2701:
2673:
2580:
2495:
2475:
2390:
2370:
2328:
2286:
2210:
2133:
2056:
2001:
1955:
1916:
1892:
1863:
1834:
1807:
1780:
1760:
1736:
1704:
1672:
1652:
1572:
1550:
4431:Economics Evolving: A History of Economic Thought
3877:
3875:
3873:
3828:
3826:
2002:{\displaystyle {\frac {w_{j}}{{\text{MP}}_{ji}}}}
1028:does not have a supply curve. The abandonment of
3816:
3814:
3812:
3810:
3808:
1660:be the 'price' (the rental) of a certain factor
1287:In a perfect market the sellers operate at zero
4407:General Equilibrium, Capital and Macroeconomics
4402:, Vol. 25, No. 3, September, pp. 1281–306.
4395:, vol. 75, no. 4 pt. 1, August, pp. 395–99
4338:, Vol. 32, No. 1/2, Jan.–Apr., pp. 39–50.
3844:, Civil Action No. 98-1232, November 12, 2002.
3776:
3774:
3772:
3770:
3768:
3766:
3764:
3762:
2651:In the short run, a firm operating at a loss [
4494:
4439:(1987). "Experimental methods in economics",
3752:
3750:
3748:
3746:
3744:
3742:
3740:
3738:
3187:then the firm will not exit the industry. If
1956:{\displaystyle {\frac {1}{{\text{MP}}_{ji}}}}
1924:requires increasing the factor employment by
1174:: Buyers make all trades that increase their
902:
8:
4244:http://www.paecon.net/PAEtexts/Guerrien1.htm
1111:Idealizing conditions of perfect competition
4454:The New Palgrave: A Dictionary of Economics
4345:, Columbia Univ. Press, New York, NY, 1969.
4238:This was the kind of criticism made by the
2845:{\displaystyle {\text{TR}}>{\text{TVC}}}
2057:{\displaystyle w_{j}=p_{i}{\text{MP}}_{ji}}
4501:
4487:
4479:
4033:Samuelson, W & Marks, S (2006) p. 286.
4015:Samuelson, W & Marks, S (2003) p. 296.
3997:Samuelson, W & Marks, S (2003) p. 227.
3858:"Microeconomics – Zero Profit Equilibrium"
3113:{\displaystyle {\text{R}}\geq {\text{VC}}}
3039:{\displaystyle {\text{R}}\geq {\text{VC}}}
1154:(such as butter and margarine), which are
909:
895:
29:
4374:, New York: Basic Books, pp. 111–38.
4214:
4212:
4192:
4190:
4164:
4162:
4142:
4140:
4120:
4118:
4098:
4096:
3973:
3953:
3933:
3931:
3719:
3717:
3318:
3316:
3296:
3294:
3274:
3272:
3252:
3250:
3230:
3228:
3200:
3192:
3163:
3143:{\displaystyle {\text{R}}<{\text{VC}}}
3135:
3127:
3125:
3105:
3097:
3095:
3075:
3073:
3053:
3051:
3031:
3023:
3021:
3001:
2990:
2982:
2974:
2972:
2967:. The firm should continue to operate if
2952:
2944:
2936:
2934:
2914:
2909:
2885:
2877:
2857:
2837:
2829:
2827:
2814:{\displaystyle {\text{VC}}>{\text{R}}}
2806:
2798:
2796:
2784:{\displaystyle {\text{R}}>{\text{VC}}}
2776:
2768:
2766:
2746:
2738:
2736:
2716:
2714:
2694:
2686:
2674:{\displaystyle {\text{R}}<{\text{TC}}}
2666:
2658:
2656:
2572:
2559:
2546:
2541:
2531:
2526:
2516:
2511:
2508:
2488:
2467:
2454:
2441:
2436:
2426:
2421:
2411:
2406:
2403:
2383:
2362:
2357:
2347:
2341:
2320:
2315:
2305:
2299:
2276:
2266:
2261:
2258:
2247:
2237:
2232:
2229:
2227:
2197:
2192:
2185:
2179:
2167:
2162:
2152:
2146:
2120:
2115:
2108:
2102:
2090:
2085:
2075:
2069:
2045:
2040:
2033:
2020:
2014:
1988:
1983:
1976:
1970:
1968:
1942:
1937:
1931:
1929:
1909:
1884:
1879:
1876:
1855:
1850:
1847:
1826:
1820:
1799:
1793:
1773:
1753:
1725:
1720:
1717:
1693:
1688:
1685:
1665:
1644:
1638:
1565:
1563:
1543:
1541:
1389:availability of the product in the market
957:in which the quantity supplied for every
4388:, Cambridge: Cambridge University Press.
3442:Particularly radical is the view of the
1024:is based. This is also the reason why a
4456:, Ist edition, vol. 3, pp. 531–46.
4443:New Palgrave: A Dictionary of Economics
4416:New Palgrave: A Dictionary of Economics
3523:
2754:{\displaystyle {\text{FC}}+{\text{VC}}}
1601:In a perfectly competitive market, the
1558:, is above the average cost denoted by
1450:However, some economists, for instance
1424:available demand at the market price).
41:
3397:, reject the neoclassical approach to
1324:In competitive and contestable markets
3852:
3850:
2371:{\displaystyle p_{2}={\text{MU}}_{2}}
2329:{\displaystyle p_{1}={\text{MU}}_{1}}
7:
4329:The Allocation of Economic Resources
4242:Example of this kind of criticisms:
2483:, and through allocating it to good
1121:A large number of sellers and buyers
996:, as output will always occur where
4578:Agent-based computational economics
4424:The Theory of Imperfect Competition
4006:Melvin & Boyes, (2002) p. 222.
3451:Equilibrium in perfect competition
3046:. The difference between revenue,
2681:(revenue less than total cost) or
1623:First Theorem of Welfare Economics
1016:. It allows for derivation of the
980:Perfect competition provides both
25:
4381:, New York: Harvester Wheatsheaf.
2893:{\displaystyle P>{\text{AVC}}}
2702:{\displaystyle P<{\text{ATC}}}
1360:The same is likewise true of the
1156:relatively easily interchangeable
5036:neoclassical–Keynesian synthesis
4379:A Course in Microeconomic Theory
3208:{\displaystyle P<{\text{AC}}}
1963:and thus increasing the cost by
1737:{\displaystyle {\text{MP}}_{j2}}
1705:{\displaystyle {\text{MP}}_{j1}}
876:
864:
49:
3431:, e.g. due to the existence of
1893:{\displaystyle {\text{MC}}_{2}}
1864:{\displaystyle {\text{MC}}_{1}}
1178:and make no trades that do not.
151:Concepts, theory and techniques
4422:Robinson, Joan. “Chapter 16.”
4400:Journal of Economic Literature
4178:{\displaystyle {\text{AVC}}=0}
973:. This equilibrium would be a
1:
4972:Critique of political economy
4372:The Crisis in Economic Theory
3120:then firm should operate. If
4393:Journal of Political Economy
4185:). Consequently, the entire
4150:{\displaystyle {\text{AVC}}}
4128:{\displaystyle {\text{AVC}}}
4089:Microeconomics with Calculus
4060:Bade and Parkin, pp. 353–54.
3890:Profit equals (P − ATC) × Q.
2922:{\displaystyle -{\text{FC}}}
1366:monopolistically competitive
4409:, Cheltenham: Edward Elgar.
4386:Post-Keynesian Price Theory
4350:Microeconomics and Behavior
4240:"autisme economie" movement
4222:{\displaystyle {\text{SR}}}
4200:{\displaystyle {\text{MC}}}
4106:{\displaystyle {\text{MC}}}
4051:Landsburg, S (2002) p. 193.
3645:10.13140/RG.2.2.26544.98567
3511:Efficient-market hypothesis
3326:{\displaystyle {\text{MC}}}
3304:{\displaystyle {\text{SR}}}
3282:{\displaystyle {\text{SR}}}
3260:{\displaystyle {\text{MC}}}
3238:{\displaystyle {\text{SR}}}
3150:the firm should shut down.
3083:{\displaystyle {\text{VC}}}
2731:) rather than total costs (
2724:{\displaystyle {\text{VC}}}
1748:in the production of goods
1345:compete for customers (See
1127:Anti-competitive regulation
1051:(MC = AC). However, in the
5630:
5614:General equilibrium theory
5110:Real business-cycle theory
4467:The Perfect Market Economy
4078:Landsburg, S (2002) p. 194
4069:Landsburg, S (2002) p. 193
4024:Perloff, J. (2009) p. 237.
3941:{\displaystyle {\text{R}}}
3908:Perloff, J. (2009) p. 231.
3598:Review of Economic Studies
3061:{\displaystyle {\text{R}}}
1588:However, in the long run,
1573:{\displaystyle {\text{C}}}
1551:{\displaystyle {\text{P}}}
1484:United States v. Microsoft
1418:(monopoly) economic profit
1408:In non-competitive markets
1140:market power to set prices
927:general equilibrium theory
5550:
3732:Lipsey, 1975. pp. 285–59.
1100:theory of the second best
4446:, v. 2, pp. 241–49.
4419:, v. 3, pp. 837–41.
3491:Monopolistic competition
3180:{\displaystyle P\geq AC}
1034:monopolistic competition
1014:marginal revenue product
139:JEL classification codes
5604:Competition (economics)
4750:Industrial organization
4573:Computational economics
4452:(1987). "Competition",
3427:perfect competition in
1465:Government intervention
1206:government intervention
1133:Every participant is a
325:Industrial organization
182:Computational economics
4955:Modern monetary theory
4620:Experimental economics
4590:Pluralism in economics
4563:Mathematical economics
4365:Essays on Piero Sraffa
4352:7th ed. (McGraw-Hill)
4223:
4201:
4179:
4151:
4129:
4107:
4087:Binger & Hoffman,
3982:
3962:
3942:
3711:Carbaugh, 2006. p. 84.
3327:
3305:
3283:
3261:
3239:
3219:Short-run supply curve
3209:
3181:
3144:
3114:
3084:
3068:, and variable costs,
3062:
3040:
3016:, which simplified is
3010:
2961:
2923:
2894:
2866:
2846:
2815:
2785:
2755:
2725:
2703:
2675:
2582:
2497:
2477:
2392:
2372:
2330:
2288:
2212:
2135:
2058:
2003:
1957:
1918:
1894:
1865:
1836:
1809:
1782:
1762:
1738:
1706:
1674:
1654:
1598:
1581:
1574:
1552:
1505:
1502:"Pure Monopoly" Profit
1425:
1333:
1138:: No participant with
1045:productively efficient
994:allocatively efficient
965:, equals the quantity
177:Experimental economics
4377:Kreps, D. M. (1990),
4224:
4202:
4180:
4152:
4130:
4108:
3983:
3963:
3943:
3917:Lovell (2004) p. 243.
3723:Lipsey, 1975. p. 217.
3486:Imperfect competition
3481:Effective competition
3328:
3306:
3284:
3262:
3240:
3210:
3182:
3145:
3115:
3085:
3063:
3041:
3011:
2962:
2924:
2895:
2867:
2847:
2816:
2786:
2756:
2726:
2704:
2676:
2583:
2498:
2478:
2393:
2373:
2331:
2289:
2213:
2136:
2059:
2004:
1958:
1919:
1895:
1866:
1837:
1835:{\displaystyle p_{2}}
1810:
1808:{\displaystyle p_{1}}
1783:
1763:
1739:
1707:
1675:
1655:
1653:{\displaystyle w_{j}}
1587:
1575:
1553:
1531:
1498:
1489:Department of Justice
1479:Microsoft Corporation
1415:
1347:"Persistence" in the
1331:
1233:factors of production
1022:neoclassical approach
986:productive efficiency
982:allocative efficiency
943:atomistic competition
4829:Social choice theory
4585:Behavioral economics
4568:Complexity economics
4211:
4189:
4161:
4139:
4117:
4095:
4042:Png, I: 1999. p. 102
3972:
3952:
3930:
3501:Bertrand competition
3315:
3293:
3271:
3249:
3227:
3191:
3162:
3124:
3094:
3072:
3050:
3020:
2971:
2933:
2908:
2876:
2856:
2826:
2795:
2765:
2735:
2713:
2685:
2655:
2507:
2487:
2402:
2382:
2340:
2298:
2226:
2145:
2068:
2013:
1967:
1928:
1908:
1875:
1846:
1819:
1792:
1772:
1752:
1716:
1684:
1664:
1637:
1562:
1540:
1318:economic equilibrium
1311:risk–return spectrum
1307:factor of production
1147:Homogeneous products
1088:price discrimination
1012:equals the factor's
404:Social choice theory
5599:Perfect competition
4913:American (National)
4613:Economic statistics
4207:curve would be the
3802:LeRoy Miller, 1982.
3506:Cournot competition
3437:John Maynard Keynes
3356:product homogeneity
1518:ordered its breakup
1376:market power for a
1248:Profit maximization
1240:Perfect information
939:perfect competition
933:, also known as an
871:Business portal
192:Operations research
172:National accounting
18:Perfect Competition
4472:2016-03-20 at the
4405:Petri, F. (2004),
4384:Lee, F.S. (1998),
4219:
4197:
4175:
4147:
4125:
4103:
3978:
3968:, times quantity,
3958:
3938:
3476:Contestable market
3323:
3301:
3279:
3257:
3235:
3205:
3177:
3140:
3110:
3080:
3058:
3036:
3006:
2957:
2919:
2890:
2862:
2842:
2811:
2781:
2751:
2721:
2699:
2671:
2578:
2493:
2473:
2388:
2368:
2326:
2284:
2208:
2131:
2054:
1999:
1953:
1914:
1890:
1861:
1832:
1805:
1778:
1758:
1734:
1702:
1670:
1650:
1599:
1582:
1570:
1548:
1506:
1426:
1334:
1231:: In the long run
1216:economies of scale
959:product or service
947:theoretical models
202:Industrial complex
197:Middle income trap
5586:
5585:
5117:New institutional
4358:978-0-07-126349-8
4217:
4195:
4167:
4145:
4123:
4101:
3981:{\displaystyle Q}
3961:{\displaystyle P}
3936:
3899:Smith (1987) 245.
3881:Frank (2008) 351.
3637:978-9941-8-6719-4
3471:Supply and demand
3376:supply and demand
3371:than capitalism.
3321:
3299:
3277:
3255:
3233:
3203:
3138:
3130:
3108:
3100:
3078:
3056:
3034:
3026:
3004:
2993:
2985:
2977:
2955:
2947:
2939:
2917:
2888:
2865:{\displaystyle Q}
2840:
2832:
2809:
2801:
2779:
2771:
2749:
2741:
2719:
2697:
2669:
2661:
2601:In contrast to a
2544:
2529:
2514:
2496:{\displaystyle 2}
2439:
2424:
2409:
2391:{\displaystyle 1}
2360:
2318:
2282:
2264:
2253:
2235:
2206:
2195:
2165:
2129:
2118:
2088:
2043:
1997:
1986:
1951:
1940:
1917:{\displaystyle j}
1882:
1853:
1781:{\displaystyle 2}
1761:{\displaystyle 1}
1723:
1691:
1673:{\displaystyle j}
1568:
1546:
1475:predatory pricing
1459:profit-maximizing
1445:barriers to entry
1393:barriers to entry
1382:"Persistence" in
1342:barriers to entry
1275:transaction costs
1152:close substitutes
1076:Edward Chamberlin
1004:producer faces a
1002:profit-maximizing
992:Such markets are
919:
918:
16:(Redirected from
5621:
5609:Market structure
4790:Natural resource
4625:Economic history
4551:Mechanism design
4503:
4496:
4489:
4480:
4315:
4312:
4306:
4297:
4291:
4290:Garegnani (1990)
4288:
4282:
4279:
4273:
4270:
4264:
4261:
4255:
4252:
4246:
4236:
4230:
4228:
4226:
4225:
4220:
4218:
4215:
4206:
4204:
4203:
4198:
4196:
4193:
4184:
4182:
4181:
4176:
4168:
4165:
4156:
4154:
4153:
4148:
4146:
4143:
4134:
4132:
4131:
4126:
4124:
4121:
4112:
4110:
4109:
4104:
4102:
4099:
4085:
4079:
4076:
4070:
4067:
4061:
4058:
4052:
4049:
4043:
4040:
4034:
4031:
4025:
4022:
4016:
4013:
4007:
4004:
3998:
3995:
3989:
3987:
3985:
3984:
3979:
3967:
3965:
3964:
3959:
3948:, equals price,
3947:
3945:
3944:
3939:
3937:
3934:
3924:
3918:
3915:
3909:
3906:
3900:
3897:
3891:
3888:
3882:
3879:
3868:
3867:
3865:
3864:
3854:
3845:
3839:
3833:
3830:
3821:
3818:
3803:
3800:
3781:
3780:Mansfield, 1979.
3778:
3757:
3754:
3733:
3730:
3724:
3721:
3712:
3709:
3703:
3700:
3691:
3679:
3673:
3670:
3664:
3653:
3647:
3629:
3623:
3622:
3592:
3586:
3585:
3557:
3551:
3548:
3542:
3528:
3391:consumer choices
3332:
3330:
3329:
3324:
3322:
3319:
3310:
3308:
3307:
3302:
3300:
3297:
3288:
3286:
3285:
3280:
3278:
3275:
3266:
3264:
3263:
3258:
3256:
3253:
3244:
3242:
3241:
3236:
3234:
3231:
3214:
3212:
3211:
3206:
3204:
3201:
3186:
3184:
3183:
3178:
3149:
3147:
3146:
3141:
3139:
3136:
3131:
3128:
3119:
3117:
3116:
3111:
3109:
3106:
3101:
3098:
3089:
3087:
3086:
3081:
3079:
3076:
3067:
3065:
3064:
3059:
3057:
3054:
3045:
3043:
3042:
3037:
3035:
3032:
3027:
3024:
3015:
3013:
3012:
3007:
3005:
3002:
2994:
2991:
2986:
2983:
2978:
2975:
2966:
2964:
2963:
2958:
2956:
2953:
2948:
2945:
2940:
2937:
2928:
2926:
2925:
2920:
2918:
2915:
2899:
2897:
2896:
2891:
2889:
2886:
2871:
2869:
2868:
2863:
2851:
2849:
2848:
2843:
2841:
2838:
2833:
2830:
2820:
2818:
2817:
2812:
2810:
2807:
2802:
2799:
2790:
2788:
2787:
2782:
2780:
2777:
2772:
2769:
2760:
2758:
2757:
2752:
2750:
2747:
2742:
2739:
2730:
2728:
2727:
2722:
2720:
2717:
2708:
2706:
2705:
2700:
2698:
2695:
2680:
2678:
2677:
2672:
2670:
2667:
2662:
2659:
2587:
2585:
2584:
2579:
2577:
2576:
2564:
2563:
2554:
2553:
2545:
2542:
2536:
2535:
2530:
2527:
2524:
2523:
2515:
2512:
2502:
2500:
2499:
2494:
2482:
2480:
2479:
2474:
2472:
2471:
2459:
2458:
2449:
2448:
2440:
2437:
2431:
2430:
2425:
2422:
2419:
2418:
2410:
2407:
2397:
2395:
2394:
2389:
2377:
2375:
2374:
2369:
2367:
2366:
2361:
2358:
2352:
2351:
2335:
2333:
2332:
2327:
2325:
2324:
2319:
2316:
2310:
2309:
2293:
2291:
2290:
2285:
2283:
2281:
2280:
2271:
2270:
2265:
2262:
2259:
2254:
2252:
2251:
2242:
2241:
2236:
2233:
2230:
2217:
2215:
2214:
2209:
2207:
2205:
2204:
2196:
2193:
2190:
2189:
2180:
2175:
2174:
2166:
2163:
2157:
2156:
2140:
2138:
2137:
2132:
2130:
2128:
2127:
2119:
2116:
2113:
2112:
2103:
2098:
2097:
2089:
2086:
2080:
2079:
2063:
2061:
2060:
2055:
2053:
2052:
2044:
2041:
2038:
2037:
2025:
2024:
2008:
2006:
2005:
2000:
1998:
1996:
1995:
1987:
1984:
1981:
1980:
1971:
1962:
1960:
1959:
1954:
1952:
1950:
1949:
1941:
1938:
1932:
1923:
1921:
1920:
1915:
1900:; remember that
1899:
1897:
1896:
1891:
1889:
1888:
1883:
1880:
1870:
1868:
1867:
1862:
1860:
1859:
1854:
1851:
1841:
1839:
1838:
1833:
1831:
1830:
1814:
1812:
1811:
1806:
1804:
1803:
1787:
1785:
1784:
1779:
1767:
1765:
1764:
1759:
1746:marginal product
1743:
1741:
1740:
1735:
1733:
1732:
1724:
1721:
1711:
1709:
1708:
1703:
1701:
1700:
1692:
1689:
1679:
1677:
1676:
1671:
1659:
1657:
1656:
1651:
1649:
1648:
1627:marginal utility
1579:
1577:
1576:
1571:
1569:
1566:
1557:
1555:
1554:
1549:
1547:
1544:
1510:natural monopoly
1303:opportunity cost
1289:economic surplus
1258:marginal revenue
1176:economic utility
935:atomistic market
911:
904:
897:
883:Money portal
881:
880:
879:
869:
868:
365:Natural resource
157:Economic systems
53:
30:
21:
5629:
5628:
5624:
5623:
5622:
5620:
5619:
5618:
5589:
5588:
5587:
5582:
5579:Business portal
5546:
5545:
5544:
5504:
5268:von Böhm-Bawerk
5156:
5155:
5146:
4918:Ancient thought
4896:
4895:
4889:
4880:
4879:
4878:
4629:
4594:
4546:Contract theory
4531:Decision theory
4512:
4507:
4474:Wayback Machine
4463:
4324:
4319:
4318:
4313:
4309:
4298:
4294:
4289:
4285:
4280:
4276:
4271:
4267:
4262:
4258:
4253:
4249:
4237:
4233:
4209:
4208:
4187:
4186:
4159:
4158:
4137:
4136:
4115:
4114:
4093:
4092:
4086:
4082:
4077:
4073:
4068:
4064:
4059:
4055:
4050:
4046:
4041:
4037:
4032:
4028:
4023:
4019:
4014:
4010:
4005:
4001:
3996:
3992:
3970:
3969:
3950:
3949:
3928:
3927:
3925:
3921:
3916:
3912:
3907:
3903:
3898:
3894:
3889:
3885:
3880:
3871:
3862:
3860:
3856:
3855:
3848:
3840:
3836:
3831:
3824:
3819:
3806:
3801:
3784:
3779:
3760:
3755:
3736:
3731:
3727:
3722:
3715:
3710:
3706:
3701:
3694:
3689:
3687:
3684:
3682:
3680:
3676:
3671:
3667:
3654:
3650:
3630:
3626:
3611:10.2307/2296233
3594:
3593:
3589:
3574:10.2307/1907353
3559:
3558:
3554:
3549:
3545:
3530:Gerard Debreu,
3529:
3525:
3520:
3515:
3466:
3453:
3444:Sraffian school
3395:Post-Keynesians
3387:Austrian School
3340:
3313:
3312:
3291:
3290:
3269:
3268:
3247:
3246:
3225:
3224:
3223:The short-run (
3221:
3189:
3188:
3160:
3159:
3122:
3121:
3092:
3091:
3070:
3069:
3048:
3047:
3018:
3017:
2969:
2968:
2931:
2930:
2906:
2905:
2874:
2873:
2854:
2853:
2824:
2823:
2793:
2792:
2763:
2762:
2733:
2732:
2711:
2710:
2683:
2682:
2653:
2652:
2649:
2611:economic profit
2599:
2568:
2555:
2540:
2525:
2510:
2505:
2504:
2485:
2484:
2463:
2450:
2435:
2420:
2405:
2400:
2399:
2380:
2379:
2356:
2343:
2338:
2337:
2314:
2301:
2296:
2295:
2272:
2260:
2243:
2231:
2224:
2223:
2191:
2181:
2161:
2148:
2143:
2142:
2114:
2104:
2084:
2071:
2066:
2065:
2064:, so we obtain
2039:
2029:
2016:
2011:
2010:
1982:
1972:
1965:
1964:
1936:
1926:
1925:
1906:
1905:
1878:
1873:
1872:
1849:
1844:
1843:
1822:
1817:
1816:
1795:
1790:
1789:
1770:
1769:
1750:
1749:
1719:
1714:
1713:
1687:
1682:
1681:
1662:
1661:
1640:
1635:
1634:
1590:economic profit
1560:
1559:
1538:
1537:
1534:economic profit
1526:
1467:
1438:consumer demand
1410:
1397:monopoly profit
1384:Monopoly Profit
1349:Monopoly Profit
1326:
1285:
1266:property rights
1228:factor mobility
1220:network effects
1182:No barriers to
1171:Rational buyers
1113:
969:at the current
925:, specifically
915:
877:
875:
863:
856:
855:
826:
816:
815:
814:
813:
577:von Böhm-Bawerk
465:
454:
453:
215:
207:
206:
162:Economic growth
152:
144:
143:
85:
83:classifications
28:
23:
22:
15:
12:
11:
5:
5627:
5625:
5617:
5616:
5611:
5606:
5601:
5591:
5590:
5584:
5583:
5581:
5576:
5571:
5566:
5561:
5556:
5551:
5548:
5547:
5543:
5542:
5537:
5527:
5522:
5516:
5515:
5514:
5512:
5506:
5505:
5503:
5502:
5495:
5490:
5485:
5480:
5475:
5470:
5465:
5460:
5455:
5450:
5445:
5440:
5435:
5430:
5425:
5420:
5415:
5410:
5405:
5400:
5395:
5390:
5385:
5380:
5375:
5370:
5365:
5360:
5355:
5350:
5345:
5340:
5335:
5330:
5325:
5320:
5315:
5310:
5305:
5300:
5295:
5290:
5285:
5280:
5275:
5270:
5265:
5260:
5255:
5250:
5245:
5240:
5235:
5230:
5225:
5220:
5215:
5210:
5205:
5200:
5195:
5190:
5185:
5180:
5175:
5170:
5165:
5159:
5157:
5151:
5148:
5147:
5145:
5144:
5139:
5134:
5129:
5124:
5119:
5114:
5113:
5112:
5102:
5101:
5100:
5090:
5085:
5080:
5079:
5078:
5068:
5063:
5058:
5057:
5056:
5055:
5054:
5044:
5039:
5024:
5019:
5014:
5009:
5004:
4999:
4994:
4989:
4984:
4982:Disequilibrium
4979:
4974:
4969:
4964:
4959:
4958:
4957:
4947:
4942:
4937:
4932:
4931:
4930:
4920:
4915:
4910:
4905:
4899:
4897:
4885:
4882:
4881:
4877:
4876:
4871:
4866:
4861:
4856:
4851:
4846:
4841:
4836:
4831:
4822:
4817:
4812:
4807:
4802:
4797:
4795:Organizational
4792:
4787:
4782:
4777:
4772:
4767:
4762:
4757:
4752:
4747:
4742:
4737:
4732:
4727:
4722:
4717:
4712:
4707:
4702:
4697:
4692:
4687:
4682:
4677:
4672:
4667:
4662:
4657:
4652:
4647:
4641:
4640:
4639:
4637:
4631:
4630:
4628:
4627:
4622:
4617:
4616:
4615:
4604:
4602:
4596:
4595:
4593:
4592:
4587:
4582:
4581:
4580:
4570:
4565:
4560:
4558:Macroeconomics
4555:
4554:
4553:
4548:
4543:
4538:
4533:
4526:Microeconomics
4522:
4520:
4514:
4513:
4508:
4506:
4505:
4498:
4491:
4483:
4477:
4476:
4462:
4461:External links
4459:
4458:
4457:
4447:
4434:
4427:
4420:
4410:
4403:
4396:
4389:
4382:
4375:
4368:
4361:
4346:
4339:
4332:
4323:
4320:
4317:
4316:
4307:
4292:
4283:
4281:Clifton (1977)
4274:
4265:
4263:Kirzner (1981)
4256:
4247:
4231:
4174:
4171:
4113:curve and the
4080:
4071:
4062:
4053:
4044:
4035:
4026:
4017:
4008:
3999:
3990:
3977:
3957:
3919:
3910:
3901:
3892:
3883:
3869:
3846:
3834:
3822:
3804:
3782:
3758:
3756:Chiller, 1991.
3734:
3725:
3713:
3704:
3692:
3674:
3665:
3648:
3624:
3587:
3552:
3543:
3522:
3521:
3519:
3516:
3514:
3513:
3508:
3503:
3498:
3496:Microeconomics
3493:
3488:
3483:
3478:
3473:
3467:
3465:
3462:
3452:
3449:
3429:labour markets
3412:General Motors
3352:product design
3339:
3336:
3220:
3217:
3199:
3196:
3176:
3173:
3170:
3167:
3134:
3104:
3030:
3000:
2997:
2989:
2981:
2951:
2943:
2913:
2884:
2881:
2861:
2836:
2805:
2775:
2745:
2693:
2690:
2665:
2648:
2647:Shutdown point
2645:
2633:rate of profit
2628:
2627:
2624:
2598:
2595:
2575:
2571:
2567:
2562:
2558:
2552:
2549:
2539:
2534:
2522:
2519:
2492:
2470:
2466:
2462:
2457:
2453:
2447:
2444:
2434:
2429:
2417:
2414:
2387:
2365:
2355:
2350:
2346:
2323:
2313:
2308:
2304:
2279:
2275:
2269:
2257:
2250:
2246:
2240:
2203:
2200:
2188:
2184:
2178:
2173:
2170:
2160:
2155:
2151:
2126:
2123:
2111:
2107:
2101:
2096:
2093:
2083:
2078:
2074:
2051:
2048:
2036:
2032:
2028:
2023:
2019:
1994:
1991:
1979:
1975:
1948:
1945:
1935:
1913:
1887:
1858:
1829:
1825:
1802:
1798:
1777:
1757:
1731:
1728:
1699:
1696:
1669:
1647:
1643:
1525:
1522:
1466:
1463:
1409:
1406:
1364:equilibria of
1325:
1322:
1293:normal profits
1284:
1281:
1280:
1279:
1270:
1261:
1254:marginal costs
1244:
1236:
1223:
1214:: The lack of
1209:
1196:
1179:
1167:
1143:
1130:
1124:
1112:
1109:
1057:
1056:
1037:
1010:factor's price
975:Pareto optimum
953:will reach an
931:perfect market
917:
916:
914:
913:
906:
899:
891:
888:
887:
886:
885:
873:
858:
857:
854:
853:
848:
838:
833:
827:
822:
821:
818:
817:
812:
811:
804:
799:
794:
789:
784:
779:
774:
769:
764:
759:
754:
749:
744:
739:
734:
729:
724:
719:
714:
709:
704:
699:
694:
689:
684:
679:
674:
669:
664:
659:
654:
649:
644:
639:
634:
629:
624:
619:
614:
609:
604:
599:
594:
589:
584:
579:
574:
569:
564:
559:
554:
549:
544:
539:
534:
529:
524:
519:
514:
509:
504:
499:
494:
489:
484:
479:
474:
468:
467:
466:
460:
459:
456:
455:
452:
451:
446:
441:
436:
431:
426:
421:
416:
411:
406:
397:
392:
387:
382:
377:
372:
370:Organizational
367:
362:
357:
352:
347:
342:
337:
332:
327:
322:
317:
312:
307:
302:
297:
292:
287:
282:
277:
272:
267:
262:
257:
252:
247:
242:
237:
232:
227:
222:
216:
214:By application
213:
212:
209:
208:
205:
204:
199:
194:
189:
184:
179:
174:
169:
164:
159:
153:
150:
149:
146:
145:
142:
141:
136:
131:
126:
121:
116:
107:
102:
97:
92:
86:
80:
79:
76:
75:
74:
73:
68:
63:
55:
54:
46:
45:
39:
38:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
5626:
5615:
5612:
5610:
5607:
5605:
5602:
5600:
5597:
5596:
5594:
5580:
5577:
5575:
5572:
5570:
5567:
5565:
5562:
5560:
5557:
5555:
5552:
5549:
5541:
5538:
5535:
5531:
5528:
5526:
5523:
5521:
5518:
5517:
5513:
5511:
5507:
5501:
5500:
5496:
5494:
5491:
5489:
5486:
5484:
5481:
5479:
5476:
5474:
5471:
5469:
5466:
5464:
5461:
5459:
5456:
5454:
5451:
5449:
5446:
5444:
5441:
5439:
5436:
5434:
5431:
5429:
5426:
5424:
5421:
5419:
5416:
5414:
5411:
5409:
5406:
5404:
5401:
5399:
5396:
5394:
5391:
5389:
5386:
5384:
5381:
5379:
5376:
5374:
5371:
5369:
5366:
5364:
5361:
5359:
5356:
5354:
5351:
5349:
5346:
5344:
5341:
5339:
5336:
5334:
5331:
5329:
5326:
5324:
5321:
5319:
5316:
5314:
5311:
5309:
5306:
5304:
5301:
5299:
5296:
5294:
5291:
5289:
5286:
5284:
5281:
5279:
5276:
5274:
5271:
5269:
5266:
5264:
5261:
5259:
5256:
5254:
5251:
5249:
5246:
5244:
5241:
5239:
5236:
5234:
5231:
5229:
5226:
5224:
5221:
5219:
5216:
5214:
5211:
5209:
5206:
5204:
5201:
5199:
5196:
5194:
5191:
5189:
5186:
5184:
5181:
5179:
5176:
5174:
5171:
5169:
5166:
5164:
5163:de Mandeville
5161:
5160:
5158:
5154:
5149:
5143:
5140:
5138:
5135:
5133:
5130:
5128:
5125:
5123:
5120:
5118:
5115:
5111:
5108:
5107:
5106:
5105:New classical
5103:
5099:
5096:
5095:
5094:
5091:
5089:
5086:
5084:
5081:
5077:
5074:
5073:
5072:
5069:
5067:
5064:
5062:
5061:Malthusianism
5059:
5053:
5050:
5049:
5048:
5045:
5043:
5040:
5037:
5033:
5030:
5029:
5028:
5025:
5023:
5022:Institutional
5020:
5018:
5015:
5013:
5010:
5008:
5005:
5003:
5000:
4998:
4995:
4993:
4990:
4988:
4985:
4983:
4980:
4978:
4975:
4973:
4970:
4968:
4965:
4963:
4960:
4956:
4953:
4952:
4951:
4948:
4946:
4943:
4941:
4938:
4936:
4933:
4929:
4926:
4925:
4924:
4921:
4919:
4916:
4914:
4911:
4909:
4906:
4904:
4901:
4900:
4898:
4893:
4888:
4883:
4875:
4872:
4870:
4867:
4865:
4862:
4860:
4857:
4855:
4852:
4850:
4847:
4845:
4842:
4840:
4837:
4835:
4832:
4830:
4826:
4825:Public choice
4823:
4821:
4818:
4816:
4813:
4811:
4808:
4806:
4803:
4801:
4800:Participation
4798:
4796:
4793:
4791:
4788:
4786:
4783:
4781:
4778:
4776:
4773:
4771:
4768:
4766:
4763:
4761:
4760:Institutional
4758:
4756:
4753:
4751:
4748:
4746:
4743:
4741:
4738:
4736:
4733:
4731:
4728:
4726:
4723:
4721:
4718:
4716:
4713:
4711:
4710:Expeditionary
4708:
4706:
4703:
4701:
4700:Environmental
4698:
4696:
4693:
4691:
4688:
4686:
4683:
4681:
4678:
4676:
4673:
4671:
4668:
4666:
4663:
4661:
4658:
4656:
4653:
4651:
4648:
4646:
4643:
4642:
4638:
4636:
4632:
4626:
4623:
4621:
4618:
4614:
4611:
4610:
4609:
4606:
4605:
4603:
4601:
4597:
4591:
4588:
4586:
4583:
4579:
4576:
4575:
4574:
4571:
4569:
4566:
4564:
4561:
4559:
4556:
4552:
4549:
4547:
4544:
4542:
4539:
4537:
4534:
4532:
4529:
4528:
4527:
4524:
4523:
4521:
4519:
4515:
4511:
4504:
4499:
4497:
4492:
4490:
4485:
4484:
4481:
4475:
4471:
4468:
4465:
4464:
4460:
4455:
4451:
4450:Stigler J. G.
4448:
4445:
4444:
4438:
4435:
4432:
4428:
4425:
4421:
4418:
4417:
4411:
4408:
4404:
4401:
4397:
4394:
4390:
4387:
4383:
4380:
4376:
4373:
4369:
4366:
4362:
4359:
4355:
4351:
4347:
4344:
4340:
4337:
4333:
4330:
4326:
4325:
4321:
4311:
4308:
4305:
4301:
4296:
4293:
4287:
4284:
4278:
4275:
4269:
4266:
4260:
4257:
4251:
4248:
4245:
4241:
4235:
4232:
4229:supply curve.
4172:
4169:
4090:
4084:
4081:
4075:
4072:
4066:
4063:
4057:
4054:
4048:
4045:
4039:
4036:
4030:
4027:
4021:
4018:
4012:
4009:
4003:
4000:
3994:
3991:
3975:
3955:
3923:
3920:
3914:
3911:
3905:
3902:
3896:
3893:
3887:
3884:
3878:
3876:
3874:
3870:
3859:
3853:
3851:
3847:
3843:
3838:
3835:
3829:
3827:
3823:
3820:Tirole, 1988.
3817:
3815:
3813:
3811:
3809:
3805:
3799:
3797:
3795:
3793:
3791:
3789:
3787:
3783:
3777:
3775:
3773:
3771:
3769:
3767:
3765:
3763:
3759:
3753:
3751:
3749:
3747:
3745:
3743:
3741:
3739:
3735:
3729:
3726:
3720:
3718:
3714:
3708:
3705:
3699:
3697:
3693:
3678:
3675:
3669:
3666:
3662:
3661:0-02-904456-1
3658:
3652:
3649:
3646:
3642:
3638:
3634:
3628:
3625:
3620:
3616:
3612:
3608:
3604:
3600:
3599:
3591:
3588:
3583:
3579:
3575:
3571:
3567:
3563:
3556:
3553:
3547:
3544:
3541:
3540:0-300-01559-3
3537:
3533:
3527:
3524:
3517:
3512:
3509:
3507:
3504:
3502:
3499:
3497:
3494:
3492:
3489:
3487:
3484:
3482:
3479:
3477:
3474:
3472:
3469:
3468:
3463:
3461:
3457:
3450:
3448:
3445:
3440:
3438:
3434:
3430:
3424:
3421:
3417:
3413:
3409:
3403:
3400:
3396:
3392:
3388:
3384:
3379:
3377:
3372:
3370:
3365:
3360:
3357:
3353:
3349:
3345:
3337:
3335:
3218:
3216:
3197:
3194:
3174:
3171:
3168:
3165:
3155:
3151:
3132:
3102:
3028:
2998:
2995:
2987:
2979:
2949:
2941:
2911:
2901:
2882:
2879:
2859:
2834:
2803:
2773:
2743:
2691:
2688:
2663:
2646:
2644:
2640:
2638:
2637:normal profit
2634:
2625:
2621:
2617:
2616:
2615:
2612:
2608:
2604:
2596:
2594:
2590:
2573:
2569:
2565:
2560:
2556:
2550:
2547:
2537:
2532:
2520:
2517:
2490:
2468:
2464:
2460:
2455:
2451:
2445:
2442:
2432:
2427:
2415:
2412:
2385:
2363:
2353:
2348:
2344:
2321:
2311:
2306:
2302:
2294:, is 1. Then
2277:
2273:
2267:
2255:
2248:
2244:
2238:
2219:
2201:
2198:
2186:
2182:
2176:
2171:
2168:
2158:
2153:
2149:
2124:
2121:
2109:
2105:
2099:
2094:
2091:
2081:
2076:
2072:
2049:
2046:
2034:
2030:
2026:
2021:
2017:
1992:
1989:
1977:
1973:
1946:
1943:
1933:
1911:
1903:
1902:marginal cost
1885:
1856:
1827:
1823:
1800:
1796:
1775:
1755:
1747:
1729:
1726:
1697:
1694:
1667:
1645:
1641:
1631:
1628:
1624:
1618:
1614:
1612:
1609:is perfectly
1608:
1604:
1596:
1591:
1586:
1535:
1530:
1523:
1521:
1519:
1515:
1511:
1503:
1497:
1493:
1490:
1486:
1485:
1480:
1476:
1472:
1464:
1462:
1460:
1455:
1453:
1448:
1446:
1441:
1439:
1435:
1431:
1423:
1419:
1414:
1407:
1405:
1401:
1398:
1394:
1390:
1386:
1385:
1379:
1375:
1371:
1367:
1363:
1358:
1356:
1352:
1350:
1343:
1339:
1330:
1323:
1321:
1319:
1314:
1312:
1308:
1304:
1300:
1296:
1294:
1290:
1283:Normal profit
1282:
1277:
1276:
1271:
1268:
1267:
1264:Well defined
1262:
1259:
1255:
1251:
1249:
1245:
1242:
1241:
1237:
1234:
1230:
1229:
1224:
1221:
1217:
1213:
1210:
1207:
1203:
1202:
1201:externalities
1197:
1194:
1190:
1189:
1185:
1180:
1177:
1173:
1172:
1168:
1165:
1161:
1157:
1153:
1149:
1148:
1144:
1141:
1137:
1136:
1131:
1128:
1125:
1122:
1119:
1118:
1117:
1110:
1108:
1104:
1101:
1097:
1092:
1089:
1085:
1084:Joan Robinson
1080:
1077:
1072:
1070:
1069:Gérard Debreu
1066:
1065:Kenneth Arrow
1062:
1054:
1050:
1046:
1042:
1038:
1035:
1031:
1027:
1023:
1020:on which the
1019:
1015:
1011:
1007:
1003:
999:
998:marginal cost
995:
991:
990:
989:
987:
983:
978:
976:
972:
968:
964:
960:
956:
952:
948:
944:
940:
936:
932:
928:
924:
912:
907:
905:
900:
898:
893:
892:
890:
889:
884:
874:
872:
867:
862:
861:
860:
859:
852:
849:
846:
842:
839:
837:
834:
832:
829:
828:
825:
820:
819:
810:
809:
805:
803:
800:
798:
795:
793:
790:
788:
785:
783:
780:
778:
775:
773:
770:
768:
765:
763:
760:
758:
755:
753:
750:
748:
745:
743:
740:
738:
735:
733:
730:
728:
725:
723:
720:
718:
715:
713:
710:
708:
705:
703:
700:
698:
695:
693:
690:
688:
685:
683:
680:
678:
675:
673:
670:
668:
665:
663:
660:
658:
655:
653:
650:
648:
645:
643:
640:
638:
635:
633:
630:
628:
625:
623:
620:
618:
615:
613:
610:
608:
605:
603:
600:
598:
595:
593:
590:
588:
585:
583:
580:
578:
575:
573:
570:
568:
565:
563:
560:
558:
555:
553:
550:
548:
545:
543:
540:
538:
535:
533:
530:
528:
525:
523:
520:
518:
515:
513:
510:
508:
505:
503:
500:
498:
495:
493:
490:
488:
485:
483:
480:
478:
475:
473:
472:de Mandeville
470:
469:
464:
458:
457:
450:
447:
445:
442:
440:
437:
435:
432:
430:
427:
425:
422:
420:
417:
415:
412:
410:
407:
405:
401:
400:Public choice
398:
396:
393:
391:
388:
386:
383:
381:
378:
376:
375:Participation
373:
371:
368:
366:
363:
361:
358:
356:
353:
351:
348:
346:
343:
341:
338:
336:
335:Institutional
333:
331:
328:
326:
323:
321:
318:
316:
313:
311:
308:
306:
303:
301:
298:
296:
293:
291:
288:
286:
285:Expeditionary
283:
281:
278:
276:
275:Environmental
273:
271:
268:
266:
263:
261:
258:
256:
253:
251:
248:
246:
243:
241:
238:
236:
233:
231:
228:
226:
223:
221:
218:
217:
211:
210:
203:
200:
198:
195:
193:
190:
188:
185:
183:
180:
178:
175:
173:
170:
168:
165:
163:
160:
158:
155:
154:
148:
147:
140:
137:
135:
132:
130:
127:
125:
122:
120:
117:
115:
111:
108:
106:
105:International
103:
101:
98:
96:
93:
91:
88:
87:
84:
81:Branches and
78:
77:
72:
69:
67:
64:
62:
59:
58:
57:
56:
52:
48:
47:
44:
40:
36:
32:
31:
19:
5574:Publications
5530:Publications
5497:
5093:Neoclassical
5083:Mercantilism
4992:Evolutionary
4854:Sociological
4827: /
4725:Geographical
4705:Evolutionary
4680:Digitization
4645:Agricultural
4608:Econometrics
4536:Price theory
4453:
4440:
4430:
4423:
4413:
4406:
4399:
4392:
4385:
4378:
4371:
4364:
4349:
4342:
4336:Econometrica
4335:
4328:
4322:Bibliography
4310:
4295:
4286:
4277:
4272:Petri (2004)
4268:
4259:
4250:
4234:
4088:
4083:
4074:
4065:
4056:
4047:
4038:
4029:
4020:
4011:
4002:
3993:
3922:
3913:
3904:
3895:
3886:
3861:. Retrieved
3837:
3832:Black, 2003.
3728:
3707:
3677:
3668:
3651:
3627:
3605:(1): 11–32.
3602:
3596:
3590:
3565:
3562:Econometrica
3561:
3555:
3546:
3531:
3526:
3458:
3454:
3441:
3439:'s opinion.
3433:trade unions
3425:
3408:conglomerate
3404:
3383:neoclassical
3380:
3373:
3361:
3348:undercutting
3344:price theory
3341:
3222:
3156:
3152:
2902:
2650:
2641:
2629:
2619:
2600:
2591:
2220:
1632:
1619:
1615:
1603:demand curve
1600:
1507:
1482:
1468:
1456:
1449:
1442:
1427:
1421:
1402:
1383:
1377:
1373:
1359:
1348:
1335:
1315:
1298:
1297:
1286:
1272:
1263:
1246:
1238:
1225:
1211:
1198:
1181:
1169:
1145:
1132:
1126:
1120:
1114:
1105:
1093:
1081:
1073:
1058:
1049:average cost
1044:
1030:price taking
1018:supply curve
1006:market price
993:
979:
961:, including
942:
938:
934:
930:
920:
841:Publications
806:
429:Sociological
402: /
300:Geographical
280:Evolutionary
255:Digitization
220:Agricultural
124:Mathematical
95:Econometrics
5368:von Neumann
5137:Supply-side
5122:Physiocracy
5066:Marginalism
4755:Information
4695:Engineering
4675:Development
4670:Demographic
4541:Game theory
4518:Theoretical
4437:Smith V. L.
4348:Frank, R.,
3364:price taker
1378:short while
1370:contestable
1355:equilibrium
1135:price taker
1096:real estate
1061:Léon Walras
955:equilibrium
677:von Neumann
330:Information
270:Engineering
250:Development
245:Demographic
187:Game theory
129:Methodology
5593:Categories
5525:Economists
5398:Schumacher
5303:Schumpeter
5273:von Wieser
5193:von Thünen
5153:Economists
5052:Circuitism
5017:Humanistic
5012:Historical
4987:Ecological
4977:Democratic
4950:Chartalism
4940:Behavioral
4903:Mainstream
4864:Statistics
4859:Solidarity
4780:Managerial
4745:Humanistic
4740:Historical
4685:Ecological
4650:Behavioral
4254:Lee (1998)
3863:2014-12-05
3568:(3): 265.
3518:References
3338:Criticisms
1788:, and let
1595:cost curve
1452:Steve Keen
1351:discussion
1250:of sellers
1193:sunk costs
1160:immaterial
836:Economists
707:Schumacher
612:Schumpeter
582:von Wieser
502:von Thünen
463:economists
439:Statistics
434:Solidarity
355:Managerial
320:Humanistic
315:Historical
260:Ecological
225:Behavioral
119:Mainstream
5443:Greenspan
5408:Samuelson
5388:Galbraith
5358:Tinbergen
5298:von Mises
5293:Heckscher
5253:Edgeworth
5132:Stockholm
5127:Socialist
5027:Keynesian
5007:Happiness
4967:Classical
4928:Mutualism
4923:Anarchist
4908:Heterodox
4805:Personnel
4765:Knowledge
4730:Happiness
4720:Financial
4690:Education
4665:Democracy
4600:Empirical
4510:Economics
4426:, 2nd ed.
3926:Revenue,
3369:communism
3169:≥
3103:≥
3029:≥
2999:−
2996:≥
2988:−
2980:−
2950:−
2942:−
2912:−
2607:oligopoly
1605:facing a
1471:Antitrust
1434:oligopoly
1374:temporary
1041:short-run
923:economics
752:Greenspan
717:Samuelson
697:Galbraith
667:Tinbergen
607:von Mises
602:Heckscher
562:Edgeworth
380:Personnel
340:Knowledge
305:Happiness
295:Financial
265:Education
240:Democracy
134:Political
100:Heterodox
43:Economics
5554:Category
5534:journals
5520:Glossary
5473:Stiglitz
5438:Rothbard
5418:Buchanan
5403:Friedman
5393:Koopmans
5383:Leontief
5363:Robinson
5248:Marshall
5098:Lausanne
5002:Georgism
4997:Feminist
4945:Buddhist
4935:Austrian
4834:Regional
4810:Planning
4785:Monetary
4715:Feminist
4660:Cultural
4655:Business
4470:Archived
4157:(or min
3464:See also
2603:monopoly
1514:AT&T
1430:monopoly
1362:long run
1338:long run
1226:Perfect
1053:long-run
1026:monopoly
967:demanded
845:journals
831:Glossary
782:Stiglitz
747:Rothbard
727:Buchanan
712:Friedman
702:Koopmans
692:Leontief
672:Robinson
557:Marshall
461:Notable
409:Regional
385:Planning
360:Monetary
290:Feminist
235:Cultural
230:Business
35:a series
33:Part of
5569:Outline
5540:Schools
5532: (
5493:Piketty
5488:Krugman
5353:Kuznets
5343:Kalecki
5318:Polanyi
5208:Cournot
5203:Bastiat
5188:Ricardo
5178:Malthus
5168:Quesnay
5071:Marxian
4962:Chicago
4892:history
4887:Schools
4874:Welfare
4844:Service
4635:Applied
4304:YouTube
3639:(PDF),
3619:2296233
3582:1907353
1744:be its
1611:elastic
1524:Results
1039:In the
851:Schools
843: (
802:Piketty
797:Krugman
662:Kuznets
652:Kalecki
627:Polanyi
517:Cournot
512:Bastiat
497:Ricardo
487:Malthus
477:Quesnay
449:Welfare
419:Service
90:Applied
66:Outline
61:History
5478:Thaler
5458:Ostrom
5453:Becker
5448:Sowell
5428:Baumol
5333:Myrdal
5328:Sraffa
5323:Frisch
5313:Knight
5308:Keynes
5283:Fisher
5278:Veblen
5263:Pareto
5243:Menger
5238:George
5233:Jevons
5228:Walras
5218:Gossen
5142:Thermo
4820:Public
4815:Policy
4770:Labour
4735:Health
4356:
3659:
3635:
3617:
3580:
3538:
3420:Nestlé
2872:gives
2623:costs.
2597:Profit
2503:it is
1680:, let
1299:Normal
1164:market
951:market
787:Thaler
767:Ostrom
762:Becker
757:Sowell
737:Baumol
642:Myrdal
637:Sraffa
632:Frisch
622:Knight
617:Keynes
592:Fisher
587:Veblen
572:Pareto
552:Menger
547:George
542:Jevons
537:Walras
527:Gossen
395:Public
390:Policy
345:Labour
310:Health
167:Market
5564:Lists
5559:Index
5510:Lists
5483:Hoppe
5468:Lucas
5433:Solow
5423:Arrow
5413:Simon
5378:Lange
5373:Hicks
5348:Röpke
5338:Hayek
5288:Pigou
5258:Clark
5173:Smith
5088:Mixed
5047:Post-
4869:Urban
4849:Socio
4839:Rural
4300:Video
3615:JSTOR
3578:JSTOR
3416:Exxon
3399:value
1422:share
1380:(See
1273:Zero
1256:meet
1184:entry
971:price
963:labor
945:. In
941:, or
824:Lists
792:Hoppe
777:Lucas
742:Solow
732:Arrow
722:Simon
687:Lange
682:Hicks
657:Röpke
647:Hayek
597:Pigou
567:Clark
482:Smith
444:Urban
424:Socio
414:Rural
114:Macro
110:Micro
71:Index
5499:more
5223:Marx
5213:Mill
5198:List
5076:Neo-
5032:Neo-
4441:The
4414:The
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808:more
532:Marx
522:Mill
507:List
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5183:Say
5042:New
4775:Law
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4144:AVC
4122:AVC
3641:doi
3607:doi
3570:doi
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1218:or
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3807:^
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3613:.
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