I realised that i enjoy writing what i understand instead of studying these over-detailed notes. Thus, i pick next topic is “Market Structures”.
Monopoly is one firm that sells a unique product. Its demand curve will be inelastic perfectly. Also, it is price maker. However, it has limitation of entry. If World Cup is launched, selling the tickets will get higher profits. Examples of water plant company, F1 tickets.
Oligopoly is a price shaper and few firms which sell either differentiated or identical products. It is allowed to few freedom of entry Examples are shoes manufacturer
Monopolistic Competition: Many firms sell identical and differentiated products. It is allowed to some freedom of entry and also price shaper. Examples are restaurants , hotels
Perfect Competition. Many firms sell identical product. it is unlimitation of entry. Its demand curve is elastic easily. Examples wet market sells vegetables.
Price discrimination is the practice of charging different customers different price. It is more likely for oligopoltistic and monopolistic markets.