2.1 Markets

Brief descriptions of perfect competition, monopoly and oligopoly as different types of
market structures, and monopolistic competition, using the characteristics of the number
of buyers and sellers, type of product and barriers to entry

Fundamental distinction between a movement along a demand curve and a shift
of the demand curve

• ostentatious (Veblen) goods
• role of expectations
• Giffen goods

Fundamental distinction between a movement along a supply curve and a shift
of the supply curve

Diagrammatic analysis of changes in demand and supply to show the adjustment
to a new equilibrium