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Chapter 16

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CAS EC 101
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Chapter 16: monopolistic competition - Between monopoly and perfect competition o Oligopoly: market structure in which only a few sellers offer similar/idenitical products  Concentration ratio: economists measure a market’s domination by a number of small firms with stat. o Monopolistic competition: market structure in which many firms sell products that are similar but not identical - Competition with differentiated products o The monopolistic competitive firm in the short run  Downward sloping demand curve  Chooses to produce quantity where marginal revenue=marginal cost o The long run equilibrium  As firms profit, more firms enter the market  demand curve shift to the left  declining profit  firms leave, demand curve shift right  price increases • Stops when firms make zero economic profit
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