Chp 14 monopolistic competition

Chp 14 monopolistic competition - Short-Run P Q MC D MR Q...

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Chapter 14 – Monopolistic Competition  Arises in an industry where: o There are a large number of firms that compete with  each other o Products are not identical  14 - 1
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Examples of Monopolistically Competitive Firms 14 - 2
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o Short run equilibrium for monopolistic competition is the  same as for a monopolist. 14 - 3
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Diagram 1:  Output and Price in Monopolistic Competition
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Unformatted text preview: Short-Run P Q MC D MR Q * 14 - 4 Long-Run 14 - 5 Diagram 2: The Long Run P Q D ” MR ” Q ** MC 14 - 6 Q ** < Q * 14 - 7 Capacity Excess Capacity 14 - 8 Diagram 3: Excess Capacity and Markup P Q MC D ” Q ** P ** Q C ATC 14 - 9 Efficiency & Monopolistic Competition 13 - 10 Product Innovation Selling Costs 14 - 11...
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Chp 14 monopolistic competition - Short-Run P Q MC D MR Q...

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