曼昆微观经济学cha

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1、17MonopolisticCompetitionLearningObjectivesAnalyzecompetitionamongfirmsthatselldifferentiatedproductsComparetheoutcomeundermonopolisticcompetitionandunderperfectcompetitionConsiderthedesirabilityofoutcomesinmonopolisticallycompetitivemarketsExaminethedebateovertheeffectsofadvertisingReviewthedebateo

2、vertheroleofbrandnamesMonopolisticCompetitionImperfectcompetitionreferstothosemarketstructuresthatfallbetweenperfectcompetitionandpuremonopoly.TheFourTypesofMarketStructureCopyright©2004South-Western•Tapwater•CableTVMonopoly(Chapter15)•Novels•MoviesMonopolisticCompetition(Chapter17)•Tennisballs•Crud

3、eoilOligopoly(Chapter16)NumberofFirms?Perfect•Wheat•MilkCompetition(Chapter14)TypeofProducts?IdenticalproductsDifferentiatedproductsOnefirmFewfirmsManyfirmsMonopolisticCompetitionTypesofImperfectlyCompetitiveMarketsMonopolisticCompetitionManyfirmssellingproductsthataresimilarbutnotidentical.Oligopol

4、yOnlyafewsellers,eachofferingasimilaroridenticalproducttotheothers.MonopolisticCompetitionMarketsthathavesomefeaturesofcompetitionandsomefeaturesofmonopoly.AttributesofMonopolisticCompetitionManysellersProductdifferentiationFreeentryandexitMonopolisticCompetitionManySellersTherearemanyfirmscompeting

5、forthesamegroupofcustomers.Productexamplesincludebooks,CDs,movies,computergames,restaurants,pianolessons,cookies,furniture,etc.MonopolisticCompetitionProductDifferentiationEachfirmproducesaproductthatisatleastslightlydifferentfromthoseofotherfirms.Ratherthanbeingapricetaker,eachfirmfacesadownward-sl

6、opingdemandcurve.MonopolisticCompetitionFreeEntryorExitFirmscanenterorexitthemarketwithoutrestriction.Thenumberoffirmsinthemarketadjustsuntileconomicprofitsarezero.COMPETITIONWITHDIFFERENTIATEDPRODUCTSTheMonopolisticallyCompetitiveFirmintheShortRunShort-runeconomicprofitsencouragenewfirmstoenterthem

7、arket.This:Increasesthenumberofproductsoffered.Reducesdemandfacedbyfirmsalreadyinthemarket.Incumbentfirms’demandcurvesshifttotheleft.Demandfortheincumbentfirms’productsfall,andtheirprofitsdecline.Figu