a. Perfectly competitive market: i. Assumptions and characteristics; ii. Short-run and long-run equilibrium of a perfect competitor; b. Imperfect Market: i. Pure monopoly, discriminatory monopoly and monopolistic competition. ii. Short-run and long-run equilibrium positions. c. Break-even/shut-down analysis in the various markets.
Candidates should be able to:
(i) analyse the assumptions and characteristics of a perfectly competitive market; (ii) differentiate between short-run and long-run equilibrium of a perfectly competitive firm; (iii) analyse the assumptions and characteristics of imperfect markets; (iv) differentiate between the short-run and long-run equilibrium of imperfectly competitive firms; (v) establish the conditions for the break- even/shut down of firms.
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