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Unit 4: Perfect and Imperfect Competition-Monopolistic Competition- …
Unit 4: Perfect and Imperfect Competition-Monopolistic Competition-
Chapter 13
Monopolistic Competition and Efficent
Nither productive nor allocative Efficiency
Exces Capacity
Product Variety
Benefits of Product variety
Further Complexity
Price and Output In Monopolistic competition
The Short-run: Profit or Loss
The long Run:Only a Normal Profit
The firms demand curve
Monopolistic Competition
Easy Entry and Exit
easy to shut down
Advertising
Non-price competition
Differentiated products
location
brand name an package
Service
Product attributes
Product differentiation
some control over price
Relatively Large Numbers
Independant action
No collusion
Small Markets
Competitive Industries
Four -firm concentration ratio
Herfindahl index