Chapter 23 - "Monopolistic Competition and Oligopoly"This is a featured page

Chapter 23 - "Monopolistic Competition and Oligopoly" - Welker's Wikinomics Page

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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