BAFB1023 Topic 7 Monopolistic Compettion - MICROECONOMICS...

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MICROECONOMICS Topic 7 Monopolistic Competition
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Monopolistic Competition Characteristics Differentiated products Demand curve for Monopolistic Competition Monopolistic Competition – Profit Maximizing Similiarities between Perfect Competition and Monopolistic Competition Differences between Perfect Competition and Monopolistic Competition
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Monopolistic Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly. Monopolistic competition is markets that have some features of competition and some features of monopoly.
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Monopolistic Competition - Characteristics No. of buyer & seller Product Barriers to entry A large no. of firms Products are differentiated (physical features or advertising) e.g: softdrinks Free entry to and exit from the market
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Differentiated Products Products that are distinguished from similar products by such characteristics as quality, design, packaging and location. Examples: service stations, aspirin, tissues, retail stores
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Differentiated Products
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Demand Curve for the
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