Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Explain the key characteristics of imperfectly competitive firms
- Discuss how imperfectly competitive firms are "price makers"
- Analyze production differentiation
- Explain why imperfectly competitive firms need to use non-price competition
- Investigate why imperfectly competitive firms are productively inefficient in the
long-run
- Describe barriers to entry and how high barriers make it difficult for firms
to enter an imperfectly competitive industry and compete with dominant firms
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