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Course Description

One of the assumptions in the model of perfect competition is that all firms have access to identical inputs and technology. That assumption is relaxed somewhat in this lesson. Assume that one or several firms have access to a specialized input that is limited. For example, oil-producing firms can all use the same types of equipment, but the quality of the oil reserves are extremely important in determining overall production costs. In this lesson, you will examine two significant questions: Who in particular will reap the rewards when there are profits? And how large will the profits be?

Benefits to the Learner

  • Examine two significant questions: Who in particular reaps rewards when there are profits? And how large will the profits be?
  • Find out what happens when a key assumption in the model of perfect competition is relaxed
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Type
self-paced (non-instructor led)
Dates
Feb 24, 2020 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
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