TAILIEUCHUNG - Lecture Principles of economics - Chapter 17: Monopolistic competition

In this chapter we examine markets that have some features of competition and some features of monopoly. This market structure is called monopolistic competition. Monopolistic competition describes a market with the following attributes: Many sellers, product differentiation, free entry. | 17 Monopolistic Competition Monopolistic Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly. 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 Types of Imperfectly Competitive Markets Monopolistic Competition Many firms selling products that are similar but not identical. Oligopoly Only a few sellers, each offering a similar or identical product to the others. Monopolistic Competition Markets that have some features of competition and some features of monopoly. Monopolistic Competition Attributes of Monopolistic Competition Many sellers Product differentiation Free entry

• Kinh tế học
• Principles of economics
• Lecture Principles of economics
• Monopolistic competition
• Long run equilibrium
• Monopolistic versus perfect competition
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
• Marginal changes
• Economics of information
• Consumer choice
• Free rider problem
• Market transactions
• Welfare Economics
• Consumer surplus
• Demand curve
• Efficiency of markets
• Nature of an externality
• Market inefficiency
• Negative externalities
• Principles of microeconomics
• Lecture Principles of microeconomics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Principles of agricultural economics
• Agricultural economics
• Economics of agricultural production
• Theory of consumer behaviour
• Economics of market demand
• Dynamics in demand analysis
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• Economics of trade
• Costs of taxation
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• Market economies
• Competitive Markets
• Thinking like an economist
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• Production possibilities frontier
• The gains from trade
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• Comparative advantage
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• Costs of production
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• Price elasticity of demand
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• Midpoint method
• Demand curves
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• Stabilize the economy
• Monetary policy