曼昆《经济学原理》17monopolisticcompetition--(汉魅HanMei—经济金融类汇总分享).pptVIP

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2017-06-25 发布于四川
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曼昆《经济学原理》17monopolisticcompetition--(汉魅HanMei—经济金融类汇总分享).ppt

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17 Monopolistic Competition Monopolistic Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly. The Four Types of Market Structure Monopolistic Competition Types of Imperfectly Competitive Markets Monopolistic Competition Many firms selling products that are similar but not identical. Oligopoly Only a few sellers, each offering a similar or identical product to the others. Monopolistic Competition Markets that have some features of competition and some features of monopoly. Monopolistic Competition Attributes of Monopolistic Competition Many sellers Product differentiation Free entry and exit Monopolistic Competition Many Sellers There are many firms competing for the same group of customers. Product examples include books, CDs, movies, computer games, restaurants, piano lessons, cookies, furniture, etc. Monopolistic Competition Product Differentiation Each firm produces a product that is at least slightly different from those of other firms. Rather than being a price taker, each firm faces a downward-sloping demand curve. Monopolistic Competition Free Entry or Exit Firms can enter or exit the market without restriction. The number of firms in the market adjusts until economic profits are zero. COMPETITION WITH DIFFERENTIATED PRODUCTS The Monopolistically Competitive Firm in the Short Run Short-run economic profits encourage new firms to enter the market. This: Increases the number of products offered. Reduces demand faced by firms already in the market. Incumbent firms’ demand curves shift to the left. Demand for the incumbent firms’ products fall, and their profits decline. Figure 1 Monopolistic Competition in the Short Run COMPETITION WITH DIFFERENTIATED PRODUCTS The Monopolistically Competitive Firm in the Short Run Short-run economic losses encourage firms to exit the market. This: Decreases the number of products offered. Increases demand faced by the remaining firms. Shifts the rema