Equilibrium in Macroeconomics
One of the things macroeconomists focus on quite a bit is calculating equilibrium conditions, or equilibria. Sometimes these account for random shocks or long-term growth – these have names like...
View ArticleDuopoly and Cournot Equilibrium
A few days ago, we discussed perfectly competitive markets; yesterday, we talked about monopolistic markets. Now, let’s expand into a case in between – a duopolistic, or two-seller, market. This is...
View ArticleEvaluating Different Market Structures
Market structures, like perfect competition, monopoly, and Cournot competition have different implications for the consumer and the firm. Measuring the differences can be very informative, but first we...
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