APMic Unit 4 Lesson 2 Monopolistic Competition (Modules 67-68) by jclerch https://padlet.com/jclerch/abkv97ysr464 Imperfect Competition en-us 2016-10-03 20:22:17 UTC 2025-04-22 17:01:56 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/135439946/0ed3c25f3940b646190b996f1bbcb62b/IMG_12291_1mb.png jclerch https://padlet.com/jclerch/abkv97ysr464/wish/129353427 2016-10-09 19:12:47 UTC https://padlet.com/jclerch/abkv97ysr464/wish/129353427 jclerch https://padlet.com/jclerch/abkv97ysr464/wish/137689147 2016-11-15 12:49:55 UTC https://padlet.com/jclerch/abkv97ysr464/wish/137689147 jclerch https://padlet.com/jclerch/abkv97ysr464/wish/179962353 2017-08-02 16:28:05 UTC https://padlet.com/jclerch/abkv97ysr464/wish/179962353 jclerch https://padlet.com/jclerch/abkv97ysr464/wish/372043846 2019-07-23 15:27:15 UTC https://padlet.com/jclerch/abkv97ysr464/wish/372043846 Essential Knowledge jclerch https://padlet.com/jclerch/abkv97ysr464/wish/372208431 In a market with monopolistic competition, firms producing differentiated products may earn positive, negative, or zero economic profit in the short run. Firms typically use advertising as a means of differentiating their product. Free entry and exit drive profits to zero in the long run. The output level, however, is smaller than the output level needed to minimize average total costs, creating excess capacity. The price is greater than marginal cost, creating allocative inefficiency.]]> 2019-07-24 23:53:35 UTC https://padlet.com/jclerch/abkv97ysr464/wish/372208431 Enduring Understanding jclerch https://padlet.com/jclerch/abkv97ysr464/wish/372208645 Even with a common goal of profit-maximization, market structure constrains and influences prices, output, and efficiency.]]> 2019-07-24 23:55:28 UTC https://padlet.com/jclerch/abkv97ysr464/wish/372208645 Learning Objectives jclerch https://padlet.com/jclerch/abkv97ysr464/wish/372208667 Explain (using graphs where appropriate) equilibrium, firm decision making, consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets and why prices in imperfectly competitive markets cannot be relied on to coordinate the actions of all possible market participants and can lead to inefficient outputs.

Calculate (using data from a graph or table as appropriate) areas of consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets.
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  • How do monopolistically competitive firms set prices?
  • How are profits determined in monopolistic competition, both in the short run and in the long run?
  • How can monopolistic competition lead to inefficiency and excess capacity?
  • Why do both oligopolists and monopolistic competitors attempt to differentiate their products?
  • What is the economic significance of advertising and brand names?
    • ]]>     2019-07-24 23:55:55 UTC https://padlet.com/jclerch/abkv97ysr464/wish/372208687     jclerch https://padlet.com/jclerch/abkv97ysr464/wish/396838476 2019-10-11 18:38:55 UTC https://padlet.com/jclerch/abkv97ysr464/wish/396838476 jclerch https://padlet.com/jclerch/abkv97ysr464/wish/693516554 2020-08-23 19:44:35 UTC https://padlet.com/jclerch/abkv97ysr464/wish/693516554 None jclerch https://padlet.com/jclerch/abkv97ysr464/wish/693546740 2020-08-23 20:41:06 UTC https://padlet.com/jclerch/abkv97ysr464/wish/693546740 jclerch https://padlet.com/jclerch/abkv97ysr464/wish/693546840 2020-08-23 20:41:22 UTC https://padlet.com/jclerch/abkv97ysr464/wish/693546840