罗伯特·S.平狄克-微观经济学（第九版）PindyckPPT_Ch.12.pptxVIP

MICROECONOMICSby Robert S. Pindyck Daniel RubinfeldNinth EditionCopyright ? 2016, 2012, 2009 Pearson Education, Inc. All Rights Reserved Chapter 12Monopolistic Competition and Oligopoly (1 of 2)CHAPTER OUTLINE12.1 Monopolistic Competition12.2 Oligopoly12.3 Price Competition12.4 Competition versus Collusion: The Prisoners’ Dilemma12.5 Implications of the Prisoners’ Dilemma for Oligopolistic Pricing12.6 CartelsLIST OF EXAMPLES12.1 Monopolistic Competition in the Markets for Colas and Coffee12.2 A Pricing Problem for Procter Gamble12.3 Procter Gamble in a Prisoners’ Dilemma12.4 Price Leadership and Price Rigidity in Commercial Banking12.5 The Prices of College Textbooks12.6 The Authors Debate the Cartelization of Intercollegiate Athletics12.7 The Auto Parts Cartel Monopolistic Competition and Oligopoly (2 of 2)Monopolistic competition Market in which firms can enter freely, each producing its own brand or version of a differentiated product.Oligopoly Market in which only a few firms compete with one another, and entry by new firms is impeded.cartel Market in which some or all firms explicitly collude, coordinating prices and output levels to maximize joint profits. 12.1 Monopolistic Competition (1of 6)The Makings of Monopolistic CompetitionA monopolistically competitive market has two key characteristics:Firms compete by selling differentiated products that are highly substitutable for one another but not perfect substitutes. In other words, the cross-price elasticities of demand are large but not infinite.There is free entry and exit: It is relatively easy for new firms to enter the market with their own brands and for existing firms to leave if their products become unprofitable. 12.1 Monopolistic Competition (2 of 6)Equilibrium in the Short Run and the Long RunFIGURE 12.1 (1 of 2)A MONOPOLISTICALLY COMPETITIVE FIRM IN THE SHORT AND LONG RUNBecause the firm is the only producer of its brand, it faces a downward-sloping demand curve. Price exceeds marginal cost and