Chapter 16 Monopolistic Competition Imperfect Competition • We have so far seen two kinds of markets: – Perfect competition • Many buyers • Many sellers • All sellers…
1. Monopolistic Competition Chapter 17 2. The Four Types of Market Structure Number of Firms? Many firms One firmMonopolyFew firmsOligopoly• Tap water• Tennis balls•…
1. In This Lecture… The Theory of Monopoly Monopoly Pricing and Output in Short Run and Long Run Social Costs of Monopoly Sources of Monopoly Power …
1. Understanding Monopoly 10 2. Previously • Profits and losses act as signals in a perfectly competitive market • For perfect competition to exist, two factors must…
1.1717Monopolistic Competition 2. Monopolistic Competition • Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly.…
1. Chapter 6Consumer Choiceand ElasticityCan Jay-Z Get You toDrink Cherry Coke?Coca-Cola hired rapper Shawn “Jay-Z”Carter to appear in television com-mercialsas part…