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Unformatted text preview: absolute monopoly over its own product. This means that the firm has some control over the price it charges. We know there are many brand names for the same product but we are not obliged to buy just one type. We can usually choose from a number of similar but differentiated products. The greater the number and closeness of substitutes available the greater will be the price elasticity of demand....
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This note was uploaded on 02/28/2012 for the course ECON EC311 taught by Professor Zahid during the Spring '12 term at ITT Tech San Dimas.
- Spring '12
- Monopolistic Competition