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Lecture

Topic 11 - Monopolistic Competition.pdf

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Department
Economics
Course
ECO100Y1
Professor
James Pesando
Semester
Winter

Description
Topic 11 – Monopolistic Competition (Week ten Nov 24 ) th Outline: 1. Monopolistic Competition VS Perfect Competition; 2. Short-run VS Long-run; 3. Entry of New Firms; 4. Imperfect Competition Summary  Monopolistic Competition VS Perfect Competition Monopolistic Competition Perfect Competition e.g. Family Restaurant e.g. Wheat Farmers Many Firms Many Firms Differentiated Product Identical Product Downward-Sloping Demand (MRATC); -- economic loss (P
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