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Monopolistic Competition ,[object Object]

The Four Types of Market Structure Copyright © 2004 South-Western • Tap water • Cable TV Monopoly (Chapter 15) • Novels • Movies Monopolistic Competition (Chapter 17) • Tennis balls • Crude oil Oligopoly (Chapter 16) Number of Firms? Perfect • Wheat • Milk Competition (Chapter 14) Type of Products? Identical products Differentiated products One firm Few firms Many firms

Monopolistic Competition ,[object Object],[object Object],[object Object],[object Object],[object Object]

Monopolistic Competition ,[object Object],[object Object],[object Object],[object Object]

Monopolistic Competition ,[object Object],[object Object],[object Object]

COMPETITION WITH DIFFERENTIATED PRODUCTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Figure 1 Monopolistic Competition in the Short Run Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price (a) Firm Makes Profit Profit- maximizing quantity Price Demand MR ATC Average total cost Profit MC

Figure 1 Monopolistic Competitors in the Short Run Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price (b) Firm Makes Losses Demand Price Loss- minimizing quantity Average total cost MR Losses ATC MC

The Long-Run Equilibrium ,[object Object]

Long-Run Equilibrium ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Monopolistic versus Perfect Competition ,[object Object]

Monopolistic versus Perfect Competition ,[object Object],[object Object],[object Object],[object Object],[object Object]

Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) MC ATC MC ATC MR Efficient scale P Quantity produced Quantity produced = Efficient scale

Monopolistic versus Perfect Competition ,[object Object],[object Object],[object Object],[object Object]

Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) Markup MC ATC MC ATC MR Marginal cost P Quantity produced Quantity produced

Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) Markup Excess capacity MC ATC MC ATC MR Marginal cost Efficient scale P Quantity produced Quantity produced = Efficient scale

Monopolistic Competition and the Welfare of Society ,[object Object]

Monopolistic Competition and the Welfare of Society ,[object Object],[object Object]

Monopolistic Competition and the Welfare of Society ,[object Object],[object Object],[object Object]

Monopolistic Competition and the Welfare of Society ,[object Object],[object Object],[object Object],[object Object]

ADVERTISING ,[object Object],[object Object]

ADVERTISING ,[object Object],[object Object],[object Object]

Brand Names ,[object Object],[object Object],[object Object]

Summary ,[object Object],[object Object]

Summary ,[object Object],[object Object],[object Object]

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