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Chapter 16 - Chapter 16 Monopolistic Competition...

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Chapter 16 Monopolistic Competition
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Monopolistic Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly.
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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.
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Monopolistic Competition Markets that have some features of competition and some features of monopoly. Attributes of monopolistic competition: Many sellers Product differentiation Free entry and exit
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Competition with Differentiated Products The Monopolistically Competitive Firm in the Short Run Short-run economic profits encourage new firms to enter the market. This: Increases the number of products offered. Reduces demand faced by firms already in the market.
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