16 Book Notes – Econ 201

16 Book Notes – Econ 201 - 16 Book Notes...

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16 Book Notes – Econ 201 Monopolistic Competition: monopoly on one part, and perfect competition on another Imperfect Competition: when you fall somewhere in between perfect competition and monopoly Oligopoly: a market structure in which only a few sellers offer similar or identical products Monopolistic Competition: a market structure in which many firms sell products that are similar but not identical MONOPOLISTIC COMPETITION: - Many Sellers - Product Differentiation - Free Entry and Exit 4 Markets: - Monopoly - Oligopoly - Monopolistic Competition - Perfect Competition Not always a clear-cut answer as to which market you’re dealing with Monopolistictically Competitive firms choose to produce the quantity at which marginal revenue equals marginal cost and then uses its demand curve to find the price at which it can sell that quantity. In the SHORT RUN – the monopoly and monopolistic competitive firms operate equally.
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