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chapter_1Preliminaries微观经济学-华侨大学.ppt

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Chapter 1: Preliminaries Slide 31 What is a Market? ? Market definition Determination of the buyers,sellers,and range of products that should be included in a particular market. Chapter 1: Preliminaries Slide 32 What is a Market? ? Arbitrage ? Buying a product at a low price in one location and selling at a high price in another Chapter 1: Preliminaries Slide 33 What is a Market? ? Competitive vs. Noncompetitive Markets ? Competitive Markets ? Because of the large number of buyers and sellers, no individual buyer or seller can influence the price.(all of them are price taker) ? Example: Most agricultural markets Chapter 1: Preliminaries Slide 34 What is a Market? ? Competitive vs. Noncompetitive Markets ? Noncompetitive Markets ? Markets where individual producers can influence the price. ? Example: OPEC Chapter 1: Preliminaries Slide 35 What is a Market? ? Market Price ? Competitive markets establish one price. ? Noncompetitive markets may set many prices for the same product. Chapter 1: Preliminaries Slide 36 What is a Market? ? Market Definition The Extent of a Market ? Market Definition ? Which buyers and sellers should be included in a given market Chapter 1: Preliminaries Slide 37 What is a Market? ? Market Definition - The Extent of a Market ? Market Extent ? Defines the boundaries of the market ? Geographic ? Range of products Chapter 1: Preliminaries Slide 38 What is a Market? ? Examples ? Geographic boundaries ? Gasoline: US vs southern California ? Housing: Chicago vs a Chicago neighborhood Chapter 1: Preliminaries Slide 39 What is a Market? ? Examples ? Range of Products ? Gasoline: regular, super, diesel ? Cameras: SLR Cameras, Polariod instant cameras, digital Cameras. Chapter 1: Preliminaries Slide 40 What is a Market? ? Examples ? Markets for Prescription Drugs ? Well-defined markets – antiulcer drugs, anticholesterol drugs ? Ambiguous markets - painkillers Chapter 1: Preliminaries Slide 41 Real Versus Nominal Prices ? N