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Book III - Competitive and monopoly market structures

Richard B. McKenzie  and
Dwight R. Lee
Richard B. McKenzie
Affiliation:
University of California, Irvine
Dwight R. Lee
Affiliation:
University of Georgia
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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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Chapter
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Microeconomics for MBAs
The Economic Way of Thinking for Managers
 , pp. 327 - 328
Publisher: Cambridge University Press
Print publication year: 2010

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