Re: Applications of Competitive Equilibrium Theory
Competition is very important to our economy. With monopolies, they would get fat and unresponsive to consumers and would be "price makers." With competition, businesses would be at the mercy of the market, being "price takers." We would have lower prices and more prices.
For the past few years, we have had price drops in industries where we have overseas competition, like textiles. On the other hand, prices have gone up when there is no competition from overseas, like plumbing and medical care.
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Posted By Ken Norman on September 06, 2004 at 23:01:17:
In Reply to: Applications of Competitive Equilibrium Theory
posted by Jack on September 06, 2004 at 14:31:15:
Ken Norman, MSEconomics Instructor
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