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- 2. The meaning of monopolistic competition Why oligopolists and monopolistically-competitive firms differentiate their products How prices and
- 3. The Meaning of Monopolistic Competition Monopolistic competition is a market structure in which: there are many
- 4. Product Differentiation Product differentiation plays an even more crucial role in monopolistically competitive industries. Why? Tacit
- 5. Product Differentiation How do firms in the same industry—such as fast-food vendors, gas stations, or chocolate
- 6. There are three important forms of product differentiation: Differentiation by style or type – sedans vs.
- 7. Product Differentiation Whatever form it takes, however, there are two important features of industries with differentiated
- 8. Understanding Monopolistic Competition As the term monopolistic competition suggests, this market structure combines some features typical
- 9. The MC Firm in the Short Run The following figure shows two possible situations that a
- 10. D P Profit Loss MR P A T C (a) A Profitable Firm (b) An Unprofitable
- 11. Monopolistic Competition in the Long Run If the typical firm earns positive profits, new firms will
- 12. Entry and Exit Shift Existing Firm’s Demand Curve and Marginal Revenue Curve (a) Effects of Entry
- 13. MR MC D MC MC A T C Z Q MC P MC = A T
- 14. Monopolistic Competition versus Perfect Competition In the long-run equilibrium of a monopolistically competitive industry, there are
- 15. Comparing LR Equilibrium in PC and MC MC A T C (b) Long-Run Equilibrium in Monopolistic
- 16. Is Monopolistic Competition Inefficient? Firms in a monopolistically competitive industry have excess capacity: they produce less
- 17. Controversies About Product Differentiation No discussion of product differentiation is complete without spending at least a
- 18. The Role of Advertising In industries with product differentiation, firms advertise in order to increase the
- 19. Brand Names Some firms create brand names. A brand name is a name owned by a
- 20. 1. Monopolistic competition is a market structure in which there are many competing producers, each producing
- 21. 3. In the long run, a monopolistically competitive industry is in zero-profit equilibrium: at its profit-maximizing
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