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Final Exam Microeconomics Notes

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Monopolistic competition: refers to the market situation in which a relatively large number of small producers or suppliers are differentiated products and so faces a downward sloping demand curve for its own product.

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55 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Costs Market structure Consumer theory Demand Microeconomics Supply and demand Marginal cost Perfect competition Monopolistic competition Social cost Average cost Supply
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Topics this document covers:
Costs Market structure Consumer theory Demand Microeconomics Supply and demand Marginal cost Perfect competition Monopolistic competition Social cost Average cost Supply
Sample Text:
Features of monopolistic competition • few sellers i.e. from anything between 25 to just over a 100 • Product differentiation • Small market share • No collusion • Independent actions • Free entry • Eg: furniture, petrol The theory: assumptions 1. Each firm produces one specific variety or brand of the industry’s differentiated product Each firm thus faces a demand curve that, although negatively sloped, is highly elastic because many close substitutes are sold by other firms 2. The industry contains so many firms that each one ignores the possible reactions of its many competitors when its makes its own price and output decisions Each firm makes decisions based on its own demand and cost conditions and doesn’t ta...
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