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The existence of imperfectly competitive firms implies a market failure because

deroth

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The existence of imperfectly competitive firms implies a market failure because

The existence of imperfectly competitive firms implies a market failure because

▸ there is no way to prevent these firms from abusing their market power.

▸ their market power allows them to deceive consumers.

▸ they do not produce a productively efficient level of output.

▸ they lead to a socially undesirable distribution of income.

▸ those firms will maximize profits by setting price above marginal cost.

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Microeconomics

Edition: 17^th

Author: Ragan

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elixy19

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deroth Author

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