Monopolistic Competition and Oligopoly
Explore the concepts of monopolistic competition and oligopoly, including topics such as differentiating products, perceived demand, pricing strategies, entry barriers, collusion, and competition, as well as understanding the benefits of product variety and summarizing key concepts.
Introduction to Monopolistic Competition and Oligopoly
Monopolistic Competition
Differentiated Products
Perceived Demand For a Monopolistic Competitor
How a Monopolistic Competitor Chooses Price and Quantity
Monopolistic Competitors and Entry
Monopolistic Competition and Efficiency
The Benefits of Variety and Product Differentiation
Key Concepts and Summary
Oligopoly
Why Do Oligopolies Exist?
Collusion Or Competition?
The Prisoner’s Dilemma
The Oligopoly Version of the Prisoner’s Dilemma
How to Enforce Cooperation
Tradeoffs of Imperfect Competition
Key Concepts and Summary