Презентация Monopolistic competition. (Lecture 17) онлайн
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Презентации » Экономика и Финансы » Monopolistic competition. (Lecture 17)
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- Тип файла:ppt / pptx (powerpoint)
- Всего слайдов:36 слайдов
- Для класса:1,2,3,4,5,6,7,8,9,10,11
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Слайды и текст к этой презентации:
№10 слайд
![COMPETITION WITH](/documents_6/9810baa24e509e85ca1df80809fca7f1/img9.jpg)
Содержание слайда: COMPETITION WITH DIFFERENTIATED PRODUCTS
The Monopolistically Competitive Firm in the Short Run
Short-run economic profits encourage new firms to enter the market. This:
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.
№12 слайд
![COMPETITION WITH](/documents_6/9810baa24e509e85ca1df80809fca7f1/img11.jpg)
Содержание слайда: COMPETITION WITH DIFFERENTIATED PRODUCTS
The Monopolistically Competitive Firm in the Short Run
Short-run economic losses encourage firms to exit the market. This:
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.
№16 слайд
![Long-Run Equilibrium Two](/documents_6/9810baa24e509e85ca1df80809fca7f1/img15.jpg)
Содержание слайда: 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.
As in a competitive market, price equals average total cost.
Free entry and exit drive economic profit to zero.
№18 слайд
![Monopolistic versus Perfect](/documents_6/9810baa24e509e85ca1df80809fca7f1/img17.jpg)
Содержание слайда: Monopolistic versus Perfect Competition
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.
№20 слайд
![Monopolistic versus Perfect](/documents_6/9810baa24e509e85ca1df80809fca7f1/img19.jpg)
Содержание слайда: Monopolistic 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.
№24 слайд
![Monopolistic Competition and](/documents_6/9810baa24e509e85ca1df80809fca7f1/img23.jpg)
Содержание слайда: Monopolistic Competition
and the Welfare of Society
There is the normal deadweight loss of monopoly pricing in monopolistic competition caused by the markup of price over marginal cost.
However, the administrative burden of regulating the pricing of all firms that produce differentiated products would be overwhelming.
№27 слайд
![Monopolistic Competition and](/documents_6/9810baa24e509e85ca1df80809fca7f1/img26.jpg)
Содержание слайда: Monopolistic Competition
and the Welfare of Society
The product-variety externality:
Because consumers get some consumer surplus from the introduction of a new product, entry of a new firm conveys a positive externality on consumers.
The business-stealing externality:
Because other firms lose customers and profits from the entry of a new competitor, entry of a new firm imposes a negative externality on existing firms.
№31 слайд
![ADVERTISING Defenders argue](/documents_6/9810baa24e509e85ca1df80809fca7f1/img30.jpg)
Содержание слайда: ADVERTISING
Defenders argue that advertising provides information to consumers
They also argue that advertising increases competition by offering a greater variety of products and prices.
The willingness of a firm to spend advertising dollars can be a signal to consumers about the quality of the product being offered.
№34 слайд
![Summary A monopolistically](/documents_6/9810baa24e509e85ca1df80809fca7f1/img33.jpg)
Содержание слайда: Summary
A monopolistically competitive market is characterized by three attributes: many firms, differentiated products, and free entry.
The equilibrium in a monopolistically competitive market differs from perfect competition in that each firm has excess capacity and each firm charges a price above marginal cost.
№36 слайд
![Summary The product](/documents_6/9810baa24e509e85ca1df80809fca7f1/img35.jpg)
Содержание слайда: Summary
The product differentiation inherent in monopolistic competition leads to the use of advertising and brand names.
Critics argue that firms use advertising and brand names to take advantage of consumer irrationality and to reduce competition.
Defenders argue that firms use advertising and brand names to inform consumers and to compete more vigorously on price and product quality.
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