ECON 211 Chapter 16 Monopolistic Competition
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Last updated 9:53 PM on 11/22/25
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7 Terms
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Monopolistic competition
many firms selling goods similar but not identical
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first characteristic of monopolistic competition
many firms
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second characteristic of monopolistic competition
product differentiation
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product differentiation
some market power over some buyers, price setter, downward sloping demand curve for good
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third characteristic of monopolistic competition
firms can freely enter/exit market, so economic profit becomes 0
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in the short run, choose q to satisfy
MR=MC
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In the LR, P=
ATC
Note 
Flashcards (50)