3.1 Market Structure - Monopolisitc Competition

3.1 market Structures - Monopolistic Competition

At the end of this section the student should be able to:

describe and critique the main features of monopolistically competitive product markets
demonstrate and analyse how a change in demand or supply in a market structure impacts on equilibrium
graphically represent, describe and compare market equilibrium under monopolistic competition in the short and long run
graphically represent and evaluate the point of proﬁt maximisation for a ﬁrm in a monopolistically competitive market
examine the implications of changing levels of competition and market power on price and output under monopolistic competition