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SHORT RUN PRICING RESPONSES TO INFLATION
PRODUCT DIFFERENTIATION AND CONSUMER SEARCH COSTS
THE LONG RUN EQUILIBRIUM
2 other sections not shown
advertising Assume assumptions Avenue barriers to entry Chamberlin Chapter competing firms competing prices consumer information flows consumer preferences consumer search activity consumer search costs cost inflation cost of search customers decision demand curve Doctor of Philosophy economic rent effect elasticity of demand engage in search excess profits firm O's firm's price fixed costs given higher home market imperfect information industry inflation rate kink level of search long run equilibrium low-priced firm lower price magnitude marginal cost mark-up market signal monopolistically competitive firm nonsearching number of consumers number of firms oligopoly output policy variable positive search costs potential price and quality price changes price elasticity price increase price inflation price level product differentiation profit maximizing profit-maximizing price quality bundle quality dimensions quality levels quality space real price result returns to search searchers short run specification substitutes sumer tion types unit profit margin variable cost Zq qZ