Textbook Notes (369,050)
Canada (162,363)
Economics (923)
ECN 104 (387)
Chapter 16

Chapter 16 - Monopolistic Competition

3 Pages
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Department
Economics
Course Code
ECN 104
Professor
Tsogbadral Galaabaatar

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Description
Chapter 16Between Monopoly and Competition Two extremesPerfect competitionmany firms identical productsMonopolyone firm In between these extremesimperfect competitionOligopolyonly a few sellers offer similar or identical products Monopolistic competitionmany firms sell similar but not identical productsCharacteristicsExamples of Monopolistic Competition CharacteristicsMany sellersProduct differentiationFree entry and exit Examplesapartmentsbooksclothingfast foodMonopolistic Competition and MonopolyShort runUnder monopolistic competitionfirm behavior is very similar to monopolyLong runIn monopolistic competitionentry and exit drive economic profit to zeroIf prof
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