Id 0302 Name: Nabiev Uktam Chapter 14 What is the definition of perfectly competitive market?

Monopolistic Competition and the Welfare of Society
One source of inefficiency is mark up above marginal cost: consumers who value a product at a price above marginal cost but cannot be bought below the price. This one implies deadweight losses (similar to those caused by monopolies). Since there are so many firms in this type of market structure, it would be difficult to regulate these firms. Also, forcing these firms to set a price equal to marginal cost would force them out of business (because they are already earning zero economic profit).
Definition of social cost – Social cost is the total cost to society. It includes private costs plus any external costs
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Chapter 17
Interdependence. Under oligopoly, because several firms own a large share of the total output of an industry, each firm is affected by the prices and output decisions of competing firms. Therefore, there is a large interdependence between firms in an oligopoly. Therefore, the firm takes into account the actions and reactions of its competing firms in determining its prices and output levels.