Book contents
Book III - Competitive and monopoly market structures
Summary
I n chapters 9, 10, and 11 of this final book, we use the demand theory and cost structures developed in chapter 6 through 8 to examine the organizational and production decisions under four market structures:
perfect competition
pure monopoly
monopolistic competition
oligopoly
In chapter 12, we revisit the market for a critical resource input, labor. We review and extend our analysis of how wage rates are determined in competitive labor markets, first briefly considered in chapter 3. We then explain how a sole employer in a given market, called a “monopsony,7#x201D; will determine the wage rate it will pay its workers.
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- Microeconomics for MBAsThe Economic Way of Thinking for Managers, pp. 327 - 328Publisher: Cambridge University PressPrint publication year: 2010