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ch17 MICRO ECONOMICS

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monopolistic competition

Economy & Finance
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Copyright © 2006 Thomson Learning 17 Monopolistic Competition
Figure 1 The Four Types of Market Structure Copyright © 2004 South-Western • Tap water • Cable TV Monopoly (Chapter 15) • Novels • Films 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
Figure 1 Monopolistic Competition in the Short Run Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Profit- maximizing quantity Price Demand MR ATC (a) Firm Makes Profit Average total cost Profit MC
Figure 1 Monopolistic Competitors in the Short Run Copyright©2003 Southwestern/Thomson Learning Demand Quantity 0 Price Price Loss- minimizing quantity Average total cost (b) Firm Makes Losses MR Losses ATC MC
Figure 2 A Monopolistic Competitor in the Long Run Copyright©2003 Southwestern/Thomson Learning Quantity Price 0 Demand MR ATC MC Profit-maximizing quantity P = ATC
Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Demand (a) Monopolistically Competitive Firm Quantity 0 Price P = MC P = MR (demand curve) (b) Perfectly Competitive Firm MC ATC MC ATC MR Efficient scale P Quantity produced Quantity produced = Efficient scale
Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Demand (a) Monopolistically Competitive Firm Quantity 0 Price P = MC P = MR (demand curve) (b) Perfectly Competitive Firm mark-up MC ATC MC ATC MR Marginal cost P Quantity produced Quantity produced
Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Demand (a) Monopolistically Competitive Firm Quantity 0 Price P = MC P = MR (demand curve) (b) Perfectly Competitive Firm mark-up Excess capacity MC ATC MC ATC MR Marginal cost Efficient scale P Quantity produced Quantity produced = Efficient scale

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ch17 MICRO ECONOMICS

  • 1. Copyright © 2006 Thomson Learning 17 Monopolistic Competition
  • 2. Figure 1 The Four Types of Market Structure Copyright © 2004 South-Western • Tap water • Cable TV Monopoly (Chapter 15) • Novels • Films 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
  • 3. Figure 1 Monopolistic Competition in the Short Run Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Profit- maximizing quantity Price Demand MR ATC (a) Firm Makes Profit Average total cost Profit MC
  • 4. Figure 1 Monopolistic Competitors in the Short Run Copyright©2003 Southwestern/Thomson Learning Demand Quantity 0 Price Price Loss- minimizing quantity Average total cost (b) Firm Makes Losses MR Losses ATC MC
  • 5. Figure 2 A Monopolistic Competitor in the Long Run Copyright©2003 Southwestern/Thomson Learning Quantity Price 0 Demand MR ATC MC Profit-maximizing quantity P = ATC
  • 6. Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Demand (a) Monopolistically Competitive Firm Quantity 0 Price P = MC P = MR (demand curve) (b) Perfectly Competitive Firm MC ATC MC ATC MR Efficient scale P Quantity produced Quantity produced = Efficient scale
  • 7. Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Demand (a) Monopolistically Competitive Firm Quantity 0 Price P = MC P = MR (demand curve) (b) Perfectly Competitive Firm mark-up MC ATC MC ATC MR Marginal cost P Quantity produced Quantity produced
  • 8. Figure 3 Monopolistic versus Perfect Competition Copyright©2003 Southwestern/Thomson Learning Quantity 0 Price Demand (a) Monopolistically Competitive Firm Quantity 0 Price P = MC P = MR (demand curve) (b) Perfectly Competitive Firm mark-up Excess capacity MC ATC MC ATC MR Marginal cost Efficient scale P Quantity produced Quantity produced = Efficient scale