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Chapter 23 - "Monopolistic Competition and Oligopoly"
Characteristics of Monopolistic Competition
- Relatively Large Number of Sellers
- Differentiated Products
- Easy Entry and Exit
- Advertising
- Examples
Price and Output in Monopolistic Competition
- The Firm's Demand Curve
- The Short Run: Profit or Loss
- The Long Run: Only a Normal Profit
Monopolistic Competition and Efficiency
- Neither Productive nore Allocative Efficiency
- Excess Capacity
Product Variety
- Benefits of product variety
- Further Complexity
Characteristics of Oligopoly
- A Few Large Producers
- Homogeneous or Differentiated Products
- Control over Price, but Mutual Interdependence
- Entry Barriers
Oligopoly Behavior: A Game Theory Overview
- Mutual Interdependence Revisited
- Collusive Tendencies
- Incentive to Cheat
Oligopoly and Advertising
- Positive Effects
- Negative Effects
Oligopoly and Efficiency
- Productive Efficiency
- Allocative Efficiency
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, Nov 18 2007, 7:39 AM EST
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