Chapter_13

Chapter_13 - Chapter 13 Chapter MONOPOLISTIC COMPETITION OLIGOPOLY AND STRATEGIC PRICING Todays lecture will Discuss the four distinguishing

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MONOPOLISTIC COMPETITION, OLIGOPOLY, AND STRATEGIC PRICING Chapter 13 Chapter 13
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Today’s lecture will: Discuss the four distinguishing characteristics of monopolistic competition. Demonstrate graphically the equilibrium of a monopolistic competitor.
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Market Structures Perfect competition has an almost infinite number of firms and no barriers to entry. Monopoly is a single firm with barriers to entry. Monopoly and perfect competition are the two polar cases of market structure. Monopolistic competition and oligopoly lie between these two extremes.
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Market Structures Monopolistic competition is a market structure, with few barriers to entry, in which there are many firms selling differentiated products. Oligopoly is a market structure, often with significant barriers to entry, in which there are a few interdependent firms.
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Characteristics of Monopolistic Competition Monopolistic competition - many sellers : there are many firms competing for the same group of customers. -
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This note was uploaded on 12/09/2009 for the course ECON 2030 taught by Professor Bong during the Spring '07 term at LSU.

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Chapter_13 - Chapter 13 Chapter MONOPOLISTIC COMPETITION OLIGOPOLY AND STRATEGIC PRICING Todays lecture will Discuss the four distinguishing

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