Mark Hirschey管理经济学11版课件032428893X_47763.pptVIP

MANAGERIAL ECONOMICS 11th Edition By Mark Hirschey Monopolistic Competition and Oligopoly Chapter 13 Chapter 13OVERVIEW Contrast Between Monopolistic Competition and Oligopoly Monopolistic Competition Monopolistic Competition Process Oligopoly Cartels and Collusion Oligopoly Output-Setting Models Oligopoly Price-Setting Models Market Structure Measurement Census Measures of Market Concentration Chapter 13KEY CONCEPTS monopolistic competition oligopoly high-price/low-output equilibrium low-price/high-output equilibrium cartel collusion Cournot model output-reaction curve Stackelberg model first-mover advantage price signaling price leadership barometric price leadership Bertrand model price-reaction curve contestable markets theory Sweezy model kinked demand curve oligopoly theory economic census North American Industry Classification System (NAICS) concentration ratios Herfindahl-Hirschmann Index (HHI) Contrast Between Monopolistic Competition and Oligopoly Monopolistic Competition Large number of sellers that offer differentiated products. Normal profit opportunity in long-run equilibrium. Oligopoly Few sellers. Economic profits are possible in long-run equilibrium. Dynamic Nature of Competition Timely market structure information is required for managerial investment decisions Monopolistic Competition Monopolistic Competition Characteristics Many buyers and sellers. Product heterogeneity. Free entry and exit. Perfect information. Opportunity for normal profits in long-run equilibrium. Monopolistic Competition Price/Output Decisions Set Mπ = MR - MC = 0 to maximize profits. MR=MC at optimal output. No durable economic profits because P=AR=AC. Monopolistic Competition Process Short-run Monopoly Equilibrium Monopolistically competitive firms take full advantage of short-run monopoly. Long-run High-price/Low-output Equilibrium With differentiated products, P=AC at a point above minimum LRAC. P MR = MC. Long-run Low-price/High-output Equilibrium With homogen