TAILIEUCHUNG - Ebook The micro economy today (14th edition): Part 2

(BQ) Part 2 book "The micro economy today" has contents: Monopolistic competition, environmental protection, the farm problem, the labor market, the labor market, financial markets, transfer payments - welfare and social security, international trade,.and other contents. | CHAPTER Monopolistic Competition LE ARN ING O B JEC T I V E S 12 After reading this chapter, you should know LO12-1 The unique structure of monopolistic competition. LO12-2 The unique behavior of monopolistically competitive firms. LO12-3 How monopolistically competitive firms maximize profits. LO12-4 Why economic profits tend toward zero in monopolistic competition. S tarbucks is already the biggest coffee bar chain in the world, with roughly 23,000 locations in 64 countries, including 13,300 in the United States. And the company is determined to keep growing by setting up coffee bars in airports, department stores, and just about anywhere consumers congregate. Even if Starbucks achieves such meteoric growth, however, it will never have great market power. There are more than 15,000 other coffee bars in the United States, not to mention a million or so other places you can buy a cup of coffee (., Dunkin’ Donuts). With so many other close substitutes, the best Starbucks can hope for is a little brand loyalty. If enough consumers think of Starbucks when they get the caffeine urge, Starbucks will at least be able to charge more for coffee than a perfectly competitive firm. It won’t enjoy monopoly profits, or even share the kind of monopoly profits 264 oligopolies sometimes achieve. It may, however, be able to maintain an economic profit for many years. Starbucks is an example of yet another market structure— monopolistic competition. In this chapter we focus on how such firms make price and output decisions and the market outcomes that result. Our objective is to determine • The unique features of monopolistic competition. • How market outcomes are affected by this market structure. • The long-run consequences of different market structures. In this chapter we’ll also see why we can’t escape the relentless advertising that bombards us from every angle. CHAPTER 12: MONOPOLISTIC COMPETITION 265 STRUCTURE As we first noted in Table , the .

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