[经济学]北大经济学院张元鹏微观经济学课件12.pdfVIP

Chapter Five Perfectly Competitive Market 1 1 Chapter Five includes: 5.1 Introduction 5.2 Assumptions of Perfectly Competitive Markets 5.3 The Optimal Output Decision in the Short Run 5.4 The Optimal Output Decision in the Long Run 5.5 The Evaluations of a Competitive Market 2 Readings about the part of this chapter Zhang(2007): Chapter 7,P231-257 Nicholson: Chapter 13, P334-354 Chapter 14,P368-397 3 Chapter Five includes: 5.1 Introduction 5.2 Assumptions of Perfectly Competitive Markets 5.3 The Optimal Output Decision in the Short Run 5.4 The Optimal Output Decision in the Long Run 5.5 The Evaluations of a Competitive Market 4 The Determinant of Firm Supply How does a firm decide how much to supply at a given price? This depends upon the firm’s technology; market environment (Structure); goals; competitors’ behaviors. Market Environment (Structure) Are there many other firms? How do other firms’ decisions effect the firm’s payoffs? Market Environment (Structure) Monopoly(): Just one seller that determines the quantity supplied/the market-clearing price. Oligopoly : A small number of firms, the decisions of each influencing the payoffsof the other firms. Market Environment (Structure) Monopolistic Competition : Many firms each making a slightly different product. Each firm’s output level is small rel