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Max Scott
Max Scott

Principles of Macroeconomics :3

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17 Monopolistic Competition
Monopolistic Competition ,[object Object]
The Four Types of Market Structure Copyright © 2004 South-Western • Tap water • Cable TV Monopoly (Chapter 15) • Novels • Movies Monopolistic Competition (Chapter 17) • Tennis balls • Crude oil Oligopoly (Chapter 16) Number of Firms? Perfect • Wheat • Milk Competition (Chapter 14) Type of Products? Identical products Differentiated products One firm Few firms Many firms
Monopolistic Competition ,[object Object],[object Object],[object Object],[object Object],[object Object]
Monopolistic Competition ,[object Object]
Monopolistic Competition ,[object Object],[object Object],[object Object],[object Object]
Monopolistic Competition ,[object Object],[object Object],[object Object]
Monopolistic Competition ,[object Object],[object Object],[object Object]
Monopolistic Competition ,[object Object],[object Object],[object Object]
COMPETITION WITH DIFFERENTIATED PRODUCTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Figure 1 Monopolistic Competition in the Short Run CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Firm Makes Profit Profit- maximizing quantity Price Demand MR ATC Average total cost Profit MC
COMPETITION WITH DIFFERENTIATED PRODUCTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Figure 1 Monopolistic Competitors in the Short Run CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (b) Firm Makes Losses Demand Price Loss- minimizing quantity Average total cost MR Losses ATC MC
The Long-Run Equilibrium ,[object Object]
Figure 2 A Monopolistic Competitor in the Long Run CopyrightŠ2003 Southwestern/Thomson Learning Quantity Price 0 Demand MR ATC MC Profit-maximizing quantity P = ATC
Long-Run Equilibrium ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Monopolistic versus Perfect Competition ,[object Object]
Monopolistic versus Perfect Competition ,[object Object],[object Object],[object Object],[object Object],[object Object]
Figure 3 Monopolistic versus Perfect Competition CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) MC ATC MC ATC MR Efficient scale P Quantity produced Quantity produced = Efficient scale
Monopolistic versus Perfect Competition ,[object Object],[object Object],[object Object],[object Object]
Figure 3 Monopolistic versus Perfect Competition CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) Markup MC ATC MC ATC MR Marginal cost P Quantity produced Quantity produced
Figure 3 Monopolistic versus Perfect Competition CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) Markup Excess capacity MC ATC MC ATC MR Marginal cost Efficient scale P Quantity produced Quantity produced = Efficient scale
Monopolistic Competition and the Welfare of Society ,[object Object]
Monopolistic Competition and the Welfare of Society ,[object Object],[object Object]
Monopolistic Competition and the Welfare of Society ,[object Object]
Monopolistic Competition and the Welfare of Society ,[object Object],[object Object],[object Object]
Monopolistic Competition and the Welfare of Society ,[object Object],[object Object],[object Object],[object Object]
ADVERTISING ,[object Object]
ADVERTISING ,[object Object],[object Object]
ADVERTISING ,[object Object],[object Object]
ADVERTISING ,[object Object],[object Object],[object Object]
Brand Names ,[object Object]
Brand Names ,[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object]

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  • 2.
  • 3. The Four Types of Market Structure Copyright Š 2004 South-Western • Tap water • Cable TV Monopoly (Chapter 15) • Novels • Movies Monopolistic Competition (Chapter 17) • Tennis balls • Crude oil Oligopoly (Chapter 16) Number of Firms? Perfect • Wheat • Milk Competition (Chapter 14) Type of Products? Identical products Differentiated products One firm Few firms Many firms
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  • 11. Figure 1 Monopolistic Competition in the Short Run CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Firm Makes Profit Profit- maximizing quantity Price Demand MR ATC Average total cost Profit MC
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  • 13. Figure 1 Monopolistic Competitors in the Short Run CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (b) Firm Makes Losses Demand Price Loss- minimizing quantity Average total cost MR Losses ATC MC
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  • 15. Figure 2 A Monopolistic Competitor in the Long Run CopyrightŠ2003 Southwestern/Thomson Learning Quantity Price 0 Demand MR ATC MC Profit-maximizing quantity P = ATC
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  • 19. Figure 3 Monopolistic versus Perfect Competition CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) MC ATC MC ATC MR Efficient scale P Quantity produced Quantity produced = Efficient scale
  • 20.
  • 21. Figure 3 Monopolistic versus Perfect Competition CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) Markup MC ATC MC ATC MR Marginal cost P Quantity produced Quantity produced
  • 22. Figure 3 Monopolistic versus Perfect Competition CopyrightŠ2003 Southwestern/Thomson Learning Quantity 0 Price (a) Monopolistically Competitive Firm Quantity 0 Price (b) Perfectly Competitive Firm Demand P = MC P = MR (demand curve) Markup Excess capacity MC ATC MC ATC MR Marginal cost Efficient scale P Quantity produced Quantity produced = Efficient scale
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