章大纲1单垄断竞赛圆柱价格竞争与串通囚犯困境精美8e ch12.pptx

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章大纲1单垄断竞赛圆柱价格竞争与串通囚犯困境精美8e ch12.pptx

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CHAPTER12OUTLINE12.1 MonopolisticCompetition12.2 Oligopoly12.3 PriceCompetition12.4 CompetitionversusCollusion: ThePrisoners’Dilemma12.5 ImplicationsofthePrisoners’DilemmaforOligopolisticPricing12.6 Cartels

MonopolisticCompetitionandOligopoly● monopolisticcompetitionMarketinwhichfirmscanenterfreely,eachproducingitsownbrandorversionofadifferentiatedproduct.● oligopolyMarketinwhichonlyafewfirmscompetewithoneanother,andentrybynewfirmsisimpeded.● cartelMarketinwhichsomeorallfirmsexplicitlycollude,coordinatingpricesandoutputlevelstomaximizejointprofits.

MONOPOLISTICCOMPETITION12.1TheMakingsofMonopolisticCompetitionAmonopolisticallycompetitivemarkethastwokeycharacteristics:

1. Firmscompetebysellingdifferentiatedproductsthatarehighlysubstitutableforoneanotherbutnotperfectsubstitutes.Inotherwords,thecross-priceelasticitiesofdemandarelargebutnotinfinite.

2. Thereisfreeentryandexit:itisrelativelyeasyfornewfirmstoenterthemarketwiththeirownbrandsandforexistingfirmstoleaveiftheirproductseunprofitable.

MONOPOLISTICCOMPETITION12.1EquilibriumintheShortRunandtheLongRunBecausethefirmistheonlyproducerofitsbrand,itfacesadownward-slopingdemandcurve.Priceexceedsmarginalcostandthefirmhasmonopolypower.Intheshortrun,describedinpart(a),pricealsoexceedsaveragecost,andthefirmearnsprofitsshownbytheyellow-shadedrectangle.AMonopolisticallyCompetitiveFirmintheShortandLongRunFigure12.1

MONOPOLISTICCOMPETITION12.1EquilibriumintheShortRunandtheLongRunInthelongrun,theseprofitsattractnewfirmswithcompetingbrands.Thefirm’smarketsharefalls,anditsdemandcurveshiftsdownward.Inlong-runequilibrium,describedinpart(b),priceequalsaveragecost,sothefirmearnszeroprofiteventhoughithasmonopolypower.AMonopolisticallyCompetitiveFirmint