Monopolistic Competition

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Microeconomics

University/Undergrad

Last updated 9:00 PM on 10/29/22
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14 Terms

1
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No. of firms
many small firms
2
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Product type
Differentiated
3
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Barriers
No barriers
4
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Market power (1)
Limited market power/ share
5
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Ignore other firms (2)
Actions don't directly affect other firms
6
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Collusion impossible (3)
Too many firms to conspire
7
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Demand (1)
Flatter > monopoly
8
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demand (2)
more substitutes
9
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Price
MR=MC
10
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Short run
Positive economic profit
11
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Long run (1)
normal profit
12
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Long run (2)
Preventable where firm distinguishes self
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Entry/Exit
Occurs at normal profit
14
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Inefficient
Deadweight loss