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MONOPOLISTIC COMPETITION
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Monopolistic Competition ,[object Object],[object Object],[object Object]
Short-run equilibrium of the firm under monopolistic competition £  Q  O Q s P s AC s AR     D MC AC MR
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[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Long-run equilibrium of the firm under monopolistic competition £  Q  O Q L P L AR L      D L MR L LRAC LRMC
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Long Run Equilibrium
Long run equilibrium of the firm under perfect and monopolistic competition fig Q 2 £ Q O P 1 LRAC D L   under monopolistic competition Q 1 P 2 D L   under perfect competition
[object Object],[object Object],[object Object],Monopolistic Competition and the Welfare of Society
[object Object],[object Object],[object Object],[object Object],Monopolistic Competition and the Welfare of Society
[object Object],[object Object],[object Object],[object Object],Monopolistic Competition and the Welfare of Society
[object Object],[object Object],[object Object],ADVERTISING
[object Object],[object Object],ADVERTISING
[object Object],[object Object],[object Object],ADVERTISING
 

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