曼昆《经济学原理》17 monopolistic_competition--(汉魅HanMei—经济金融类汇总分享)
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• • • • Decreases the number of products offered. Increases demand faced by the remaining firms. Shifts the remaining firms’ demand curves to the right. Increases the remaining firms’ profits.
Copyright © 2004 South-Western
Figure 3 Monopolistic versus Perfect Competition
(a) Monopolistically Competitive Firm Price MC Price
(b) Perfectly Competitive Firm
ATC
MC
ATC
P
P = MC
P = MR (demand curve)
MR
Demand
0
Quantity produced
Efficient scale
Quantity
0
Quantity produced = Efficient scale
Quantity
Copyright©2003 Southwestern/Thomson Learning
• There are two noteworthy differences between monopolistic and perfect competition—excess capacity and markup.
Copyright © 2004 South-Western
Monopolistic versus Perfect Competition
Demand
Copyright©2003 Southwestern/Thomson Learning
COMPETITION WITH DIFFERENTIATED PRODUCTS
• The Monopolistically Competitive Firm in the Short Run
• Short-run economic losses encourage firms to exit the market. This:
Copyright © 2004 South-Western
Figure 1 Monopolistic Competitors in the Short Run
(b) Firm Makes Losses Price MC Losses ATC
Average total cost Price
MR
0 Lossminopolistic versus Perfect Competition
• Markup Over Marginal Cost
• For a competitive firm, price equals marginal cost. • For a monopolistically competitive firm, price exceeds marginal cost. • Because price exceeds marginal cost, an extra unit sold at the posted price means more profit for the monopolistically competitive firm.
• Excess Capacity
• There is no excess capacity in perfect competition in the long run. • Free entry results in competitive firms producing at the point where average total cost is minimized, which is the efficient scale of the firm. • There is excess capacity in monopolistic competition in the long run. • In monopolistic competition, output is less than the efficient scale of perfect competition.
Copyright © 2004 South-Western
Figure 1 Monopolistic Competition in the Short Run
(a) Firm Makes Profit Price MC ATC
Price Average total cost Profit MR 0 Profitmaximizing quantity Quantity
Copyright © 2004 South-Western
The Four Types of Market Structure
Number of Firms?
Many firms Type of Products?
One firm
Few firms
Differentiated products
Identical products
Copyright © 2004 South-Western
Monopolistic Competition
• Many Sellers
• There are many firms competing for the same group of customers.
• Product examples include books, CDs, movies, computer games, restaurants, piano lessons, cookies, furniture, etc.
Long-Run Equilibrium
• Two Characteristics
• As in a monopoly, price exceeds marginal cost.
• Profit maximization requires marginal revenue to equal marginal cost. • The downward-sloping demand curve makes marginal revenue less than price.
Copyright © 2004 South-Western
Monopolistic Competition
• Attributes of Monopolistic Competition
• Many sellers • Product differentiation • Free entry and exit
等等一些教育学习办公写作商业经营实用性极强的文档您若觉得对您日常学习商业经营社交沟通办公写作有所帮助的话就关注我吧
Monopolistic Competition
17
Copyright©2004 South-Western
Monopolistic Competition
• Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly.
• Tennis balls • Crude oil
Copyright © 2004 South-Western
Monopolistic Competition
• Types of Imperfectly Competitive Markets
• Monopolistic Competition
• Many firms selling products that are similar but not identical.
Copyright © 2004 South-Western
Monopolistic Competition
• Free Entry or Exit • Firms can enter or exit the market without restriction. • The number of firms in the market adjusts until economic profits are zero.
Copyright © 2004 South-Western
Monopolistic Competition
• Product Differentiation
• Each firm produces a product that is at least slightly different from those of other firms. • Rather than being a price taker, each firm faces a downward-sloping demand curve.
Monopoly (Chapter 15)
Oligopoly (Chapter 16)
Monopolistic Competition (Chapter 17) • Novels • Movies
Perfect Competition (Chapter 14) • Wheat • Milk
• Tap water • Cable TV
• • • • Increases the number of products offered. Reduces demand faced by firms already in the market. Incumbent firms’ demand curves shift to the left. Demand for the incumbent firms’ products fall, and their profits decline.
Copyright © 2004 South-Western
Figure 2 A Monopolistic Competitor in the Long Run
Price MC
ATC
P = ATC
Demand MR 0 Profit-maximizing quantity Quantity
Copyright©2003 Southwestern/Thomson Learning
• As in a competitive market, price equals average total cost.
• Free entry and exit drive economic profit to zero.
Copyright © 2004 South-Western
Monopolistic versus Perfect Competition
Copyright © 2004 South-Western
COMPETITION WITH DIFFERENTIATED PRODUCTS
• The Monopolistically Competitive Firm in the Short Run
• Short-run economic profits encourage new firms to enter the market. This:
Demand Quantity
Copyright©2003 Southwestern/Thomson Learning
The Long-Run Equilibrium
• Firms will enter and exit until the firms are making exactly zero economic profits.
• Oligopoly
• Only a few sellers, each offering a similar or identical product to the others.
Copyright © 2004 South-Western
Monopolistic Competition
• Markets that have some features of competition and some features of monopoly.
Copyright © 2004 South-Western
Figure 3 Monopolistic versus Perfect Competition
(a) Monopolistically Competitive Firm Price MC Price
(b) Perfectly Competitive Firm
ATC
MC
ATC
P
P = MC
P = MR (demand curve)
MR
Demand
0
Quantity produced
Efficient scale
Quantity
0
Quantity produced = Efficient scale
Quantity
Copyright©2003 Southwestern/Thomson Learning
• There are two noteworthy differences between monopolistic and perfect competition—excess capacity and markup.
Copyright © 2004 South-Western
Monopolistic versus Perfect Competition
Demand
Copyright©2003 Southwestern/Thomson Learning
COMPETITION WITH DIFFERENTIATED PRODUCTS
• The Monopolistically Competitive Firm in the Short Run
• Short-run economic losses encourage firms to exit the market. This:
Copyright © 2004 South-Western
Figure 1 Monopolistic Competitors in the Short Run
(b) Firm Makes Losses Price MC Losses ATC
Average total cost Price
MR
0 Lossminopolistic versus Perfect Competition
• Markup Over Marginal Cost
• For a competitive firm, price equals marginal cost. • For a monopolistically competitive firm, price exceeds marginal cost. • Because price exceeds marginal cost, an extra unit sold at the posted price means more profit for the monopolistically competitive firm.
• Excess Capacity
• There is no excess capacity in perfect competition in the long run. • Free entry results in competitive firms producing at the point where average total cost is minimized, which is the efficient scale of the firm. • There is excess capacity in monopolistic competition in the long run. • In monopolistic competition, output is less than the efficient scale of perfect competition.
Copyright © 2004 South-Western
Figure 1 Monopolistic Competition in the Short Run
(a) Firm Makes Profit Price MC ATC
Price Average total cost Profit MR 0 Profitmaximizing quantity Quantity
Copyright © 2004 South-Western
The Four Types of Market Structure
Number of Firms?
Many firms Type of Products?
One firm
Few firms
Differentiated products
Identical products
Copyright © 2004 South-Western
Monopolistic Competition
• Many Sellers
• There are many firms competing for the same group of customers.
• Product examples include books, CDs, movies, computer games, restaurants, piano lessons, cookies, furniture, etc.
Long-Run Equilibrium
• Two Characteristics
• As in a monopoly, price exceeds marginal cost.
• Profit maximization requires marginal revenue to equal marginal cost. • The downward-sloping demand curve makes marginal revenue less than price.
Copyright © 2004 South-Western
Monopolistic Competition
• Attributes of Monopolistic Competition
• Many sellers • Product differentiation • Free entry and exit
等等一些教育学习办公写作商业经营实用性极强的文档您若觉得对您日常学习商业经营社交沟通办公写作有所帮助的话就关注我吧
Monopolistic Competition
17
Copyright©2004 South-Western
Monopolistic Competition
• Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly.
• Tennis balls • Crude oil
Copyright © 2004 South-Western
Monopolistic Competition
• Types of Imperfectly Competitive Markets
• Monopolistic Competition
• Many firms selling products that are similar but not identical.
Copyright © 2004 South-Western
Monopolistic Competition
• Free Entry or Exit • Firms can enter or exit the market without restriction. • The number of firms in the market adjusts until economic profits are zero.
Copyright © 2004 South-Western
Monopolistic Competition
• Product Differentiation
• Each firm produces a product that is at least slightly different from those of other firms. • Rather than being a price taker, each firm faces a downward-sloping demand curve.
Monopoly (Chapter 15)
Oligopoly (Chapter 16)
Monopolistic Competition (Chapter 17) • Novels • Movies
Perfect Competition (Chapter 14) • Wheat • Milk
• Tap water • Cable TV
• • • • Increases the number of products offered. Reduces demand faced by firms already in the market. Incumbent firms’ demand curves shift to the left. Demand for the incumbent firms’ products fall, and their profits decline.
Copyright © 2004 South-Western
Figure 2 A Monopolistic Competitor in the Long Run
Price MC
ATC
P = ATC
Demand MR 0 Profit-maximizing quantity Quantity
Copyright©2003 Southwestern/Thomson Learning
• As in a competitive market, price equals average total cost.
• Free entry and exit drive economic profit to zero.
Copyright © 2004 South-Western
Monopolistic versus Perfect Competition
Copyright © 2004 South-Western
COMPETITION WITH DIFFERENTIATED PRODUCTS
• The Monopolistically Competitive Firm in the Short Run
• Short-run economic profits encourage new firms to enter the market. This:
Demand Quantity
Copyright©2003 Southwestern/Thomson Learning
The Long-Run Equilibrium
• Firms will enter and exit until the firms are making exactly zero economic profits.
• Oligopoly
• Only a few sellers, each offering a similar or identical product to the others.
Copyright © 2004 South-Western
Monopolistic Competition
• Markets that have some features of competition and some features of monopoly.