Monopolistic Competition Chapter 17. Edward Chamberlin Theory of Monopolistic Competition (1933)
101 lecture 16 monopolistic competition
-
Upload
gale-pooley -
Category
Technology
-
view
3.256 -
download
0
description
Transcript of 101 lecture 16 monopolistic competition
![Page 1: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/1.jpg)
Microeconomics Lecture 16
!
Monopolistic Competition
![Page 2: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/2.jpg)
Monopolistic Competition
!
Brand Competition
![Page 3: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/3.jpg)
Monopolistic Competition
!
Brand Competition
![Page 4: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/4.jpg)
The Four Market Structures
![Page 5: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/5.jpg)
The Four Market Structures
![Page 6: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/6.jpg)
The Four Market Structures
![Page 7: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/7.jpg)
Perfect Competition
The Four Market Structures
![Page 8: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/8.jpg)
Perfect Competition
Monopoly
The Four Market Structures
![Page 9: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/9.jpg)
Perfect Competition
MonopolyMonopolistic Competition
Brand
The Four Market Structures
![Page 10: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/10.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
The Four Market Structures
![Page 11: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/11.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
The Four Market Structures
![Page 12: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/12.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many
The Four Market Structures
![Page 13: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/13.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One
The Four Market Structures
![Page 14: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/14.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many
The Four Market Structures
![Page 15: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/15.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
The Four Market Structures
![Page 16: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/16.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
The Four Market Structures
![Page 17: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/17.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical
The Four Market Structures
![Page 18: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/18.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique
The Four Market Structures
![Page 19: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/19.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated
The Four Market Structures
![Page 20: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/20.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
The Four Market Structures
![Page 21: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/21.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
The Four Market Structures
![Page 22: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/22.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy
The Four Market Structures
![Page 23: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/23.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked
The Four Market Structures
![Page 24: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/24.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked Easy
The Four Market Structures
![Page 25: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/25.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked Easy Hard
The Four Market Structures
![Page 26: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/26.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked Easy Hard
Examples
The Four Market Structures
![Page 27: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/27.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked Easy Hard
ExamplesCommodities
Rice
The Four Market Structures
![Page 28: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/28.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked Easy Hard
ExamplesCommodities
RiceGovernment
Utilities
The Four Market Structures
![Page 29: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/29.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked Easy Hard
ExamplesCommodities
RiceGovernment
Utilities
Brands Clothing
Restaurants
The Four Market Structures
![Page 30: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/30.jpg)
Perfect Competition
MonopolyMonopolistic Competition
BrandOligopoly
Number of Firms
Many One Many Few
Type of Product
Identical Unique Differentiated Either
Ease of Entry
Easy Blocked Easy Hard
ExamplesCommodities
RiceGovernment
Utilities
Brands Clothing
Restaurants
Manufacturing Cars
Computers
The Four Market Structures
![Page 31: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/31.jpg)
Number Marginal Cost
Total Cost
Average Cost
1
2
3
4
5
![Page 32: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/32.jpg)
Number Marginal Cost
Total Cost
Average Cost
1 5
2 4
3 6
4 9
5 16
![Page 33: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/33.jpg)
Number Marginal Cost
Total Cost
Average Cost
1 5 5 5
2 4 9 4.5
3 6 15 5
4 9 24 6
5 16 40 8
![Page 34: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/34.jpg)
Number Marginal Cost
Total Cost
Average Cost
1 40
2 60
3 90
4 160
5 250
![Page 35: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/35.jpg)
Number Marginal Cost
Total Cost
Average Cost
1 40 40 40
2 20 60 30
3 30 90 30
4 70 160 40
5 90 250 50
![Page 36: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/36.jpg)
Number Marginal Cost
Total Cost
Average Cost
1 300
2 420
3 600
4 800
5 1500
![Page 37: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/37.jpg)
Number Marginal Cost
Total Cost
Average Cost
1 300 300 300
2 540 840 420
3 960 1800 600
4 1400 3200 800
5 4300 7500 1500
![Page 38: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/38.jpg)
Q
$
D
MR
Monopoly
![Page 39: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/39.jpg)
Q
$
D MR=Perfect Competition
![Page 40: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/40.jpg)
Q
$
Monopolistic Competition
DMR
Short Run
![Page 41: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/41.jpg)
Q
$
Monopolistic Competition
DMR
Short Run
Steep Demand
![Page 42: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/42.jpg)
Q
$
Monopolistic Competition
DMR
Short Run
Long Run
Steep Demand
![Page 43: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/43.jpg)
Q
$
Monopolistic Competition
DMR
Short Run
Long Run
Steep Demand
![Page 44: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/44.jpg)
Q
$
Monopolistic Competition
DMR
Short Run
Long Run
Steep Demand
Demand Flattens
![Page 45: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/45.jpg)
Q
$Short Run
DMR
Monopolistic Competition
![Page 46: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/46.jpg)
Q
$Short Run
DMR
MC
Monopolistic Competition
![Page 47: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/47.jpg)
Q
$Short Run
DMR
MC
Monopolistic Competition
![Page 48: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/48.jpg)
Q
$Short Run
DMR
MC
QS
Monopolistic Competition
![Page 49: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/49.jpg)
Q
$Short Run
DMR
MC
QS
Monopolistic Competition
![Page 50: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/50.jpg)
Q
$Short Run
DMR
MC
QS
PS
Monopolistic Competition
![Page 51: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/51.jpg)
Q
$Short Run
DMR
MC
ATC
QS
PS
Monopolistic Competition
![Page 52: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/52.jpg)
Q
$Short Run
DMR
MC
ATC
QS
PS
Monopolistic Competition
![Page 53: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/53.jpg)
Q
$Short Run
DMR
MC
ATC
QS
PS
Monopolistic Competition
![Page 54: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/54.jpg)
Q
$Short Run
DMR
MC
ATC
QS
PS
Monopolistic Competition
![Page 55: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/55.jpg)
Q
$Short Run
DMR
MC
ATCProfit
QS
PS
Monopolistic Competition
![Page 56: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/56.jpg)
Q
$Short Run
DMR
MC
ATCProfit
High Price Large Quantity
QS
PS
Monopolistic Competition
![Page 57: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/57.jpg)
Q
$Short Run
Long Run
DMR
MC
ATCProfit
High Price Large Quantity
QS
PS
Monopolistic Competition
![Page 58: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/58.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
QS
PSDemand Flattens
Monopolistic Competition
![Page 59: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/59.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
QS
PSDemand Flattens
Monopolistic Competition
![Page 60: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/60.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
QS
PSDemand Flattens
Monopolistic Competition
![Page 61: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/61.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
QSQ
PSDemand Flattens
Monopolistic Competition
![Page 62: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/62.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
QSQ
PSDemand Flattens
Monopolistic Competition
![Page 63: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/63.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
QSQ
PPSDemand Flattens
Monopolistic Competition
![Page 64: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/64.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
Lower Price Lower Quantity
QSQ
PPSDemand Flattens
Monopolistic Competition
![Page 65: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/65.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
Lower Price Lower Quantity
QSQ
P
PS
L
L
Demand Flattens
Monopolistic Competition
![Page 66: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/66.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
Lower Price Lower Quantity
QSQ
P
PS
L
L
Demand Flattens
Monopolistic Competition
![Page 67: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/67.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
Lower Price Lower Quantity
QSQ
P
PS
L
L
Demand Flattens
Monopolistic Competition
![Page 68: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/68.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
Lower Price Lower Quantity
QSQ
P
PS
L
L
Demand Flattens
Monopolistic Competition
![Page 69: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/69.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
High Price Large Quantity
Lower Price Lower Quantity
QSQ
P
PS
L
L
Demand Flattens
Profit
Monopolistic Competition
![Page 70: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/70.jpg)
Q
$Short Run
Long Run
DMR
MC
ATC
Profits disappear in the long run
due to competition
High Price Large Quantity
Lower Price Lower Quantity
QSQ
P
PS
L
L
Demand Flattens
Profit
Monopolistic Competition
![Page 71: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/71.jpg)
D
MR
MC
Profits
![Page 72: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/72.jpg)
D
MR
MC
Competition flattens the Demand Curve
and squeezes profits.
![Page 73: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/73.jpg)
Q
$
Market Competition
![Page 74: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/74.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
![Page 75: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/75.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
![Page 76: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/76.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
![Page 77: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/77.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
![Page 78: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/78.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
![Page 79: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/79.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
QSR
PSR
![Page 80: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/80.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 81: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/81.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 82: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/82.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 83: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/83.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 84: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/84.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 85: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/85.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Long Run Demand
Long Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 86: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/86.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Long Run Demand
Long Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 87: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/87.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Long Run Demand
Long Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 88: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/88.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Long Run Demand
Long Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
![Page 89: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/89.jpg)
Q
$
Market Competition
Short Run Demand
Short Run Marginal Revenue
Long Run Demand
Long Run Marginal Revenue
Marginal Costs
Average Total Costs
QSR
PSR
QLR
PLR
![Page 90: 101 lecture 16 monopolistic competition](https://reader034.fdocuments.us/reader034/viewer/2022051612/54be87de4a7959c97d8b45a9/html5/thumbnails/90.jpg)
Quiz Name and ID# !
1. Name the four market structures. !
2. What does the demand curve look like in perfect competition? !
3. Why is marginal revenue different than demand in a monopoly? !
4. Where are profits maximized or losses minimized?