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1、Chapter17/Oligopoly❖31917Chapter16OligopolyOLIGOPOLYWHAT’SNEWINTHESEVENTHEDITION:ThereisanewIntheNewsboxon”ShouldtheN.C.A.ABeTakentoCourt?”LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øwhatoutcomesarepossiblewhenamarketisanoligopoly.Øtheprisoners’dilemmaand
2、howitappliestooligopolyandotherissues.Øhowtheantitrustlawstrytofostercompetitioninoligopolisticmarkets.CONTEXTANDPURPOSE:Chapter17isthefinalchapterinafive-chaptersequencedealingwithfirmbehaviorandtheorganizationofindustry.Chapters14and15discussedthetwoextremeformsofmarketstruct
3、ure—competitionandmonopoly.Themarketstructurethatliesbetweencompetitionandmonopolyisknownasimperfectcompetition.Therearetwotypesofimperfectcompetition—monopolisticcompetition,whichweaddressedinthepreviouschapter,andoligopoly,whichisthetopicofthecurrentchapter.ThepurposeofChapte
4、r17istoaddressoligopoly—amarketstructureinwhichonlyafewsellersoffersimilaroridenticalproducts.Becausethereareonlyafewsellersinanoligopolisticmarket,oligopolisticfirmsareinterdependentwhereascompetitivefirmsarenot.Thatis,inacompetitivemarket,thedecisionsofonefirmhavenoimpactonth
5、eotherfirmsinthemarketwhileinanoligopolisticmarket,thedecisionsofanyonefirmmayaffectthepricingandproductiondecisionsoftheotherfirmsinthemarket.KEYPOINTS:·Oligopolistsmaximizetheirtotalprofitsbyformingacartelandactinglikeamonopolist.Yet,ifoligopolistsmakedecisionsaboutproduction
6、levelsindividually,theresultisagreaterquantityandalowerpricethanunderthemonopolyoutcome.Thelargerthenumberoffirmsintheoligopoly,thecloserthequantityandpricewillbetothelevelsthatwouldprevailunderperfectcompetition.©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedordu
7、plicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter17/Oligopoly❖319·Theprisoners’dilemmashowsthatself-interestcanpreventpeoplefrommaintainingcooperation,evenwhencooperationisintheirmutualinterest.Thelogicoftheprisoners’dilemmaappliesinmanysituationsincludingar
8、msraces,advertising,common-resourceproblems,andoligopo
