So-- I've been talking about the institutions of exchange that make for opportunities to be chosen among. I've talked about competitive, monopolistically competitive, oligopolistic, and monopolistic markets-- all about the number and market power of sellers ( Read more... )

So-- I started the year talking about the basics of how economists model choice, and have been engaged in talking about institutions that facilitate exchange, which makes for some of opportunities from which people choose ( Read more... )

We're talking about the nature of markets, which furnish exchange opportunities that create larger sets of options to choose from. We've talked about perfectly competitive markets (with many functionally identical buyers and sellers), monopolistic competition (where buyers care about the identities of sellers), and oligopoly (where buyers care ( Read more... )

Oligopolistic markets are composed of the firms you probably think of most often. They are dominated by a small number of brand-name firms, each with some market power. Coke and Pepsi. Lockheed Martin and Boeing. Deloitte, PriceWaterhouseCoopers, Ernst & Young, KPMG ( Read more... )