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actions actual adjustment amount analysis assumed assumptions average cost become buyers calculations called capacity cartel cause certain Chapter charge competition competitors concept concerned conduct considerations cost curve course decisions demand curve determination differentiated discussion economic economist effects efforts elasticity entry equal equilibrium estimates example excess existing expectations explain fact factors firm fixed given hence higher imperfect increase individual industry larger less limited lower marginal cost marginal revenue matter means monopolistic monopoly necessary newcomers offered oligopolistic oligopoly operation output particular perfect perfect polypoly period plant pliopoly policies polypolist polypoly position possible potential practice probably problem profits quantity question reactions reason reduced refer regard rent restrictions result rivals sellers selling price sense situation smaller subjective supply theory things tion unit variable volume