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Monopolistic Competition and Oligopoly
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Monopolistic Competition De ned Pro t Maximization Oligopoly De ned Collusion Long-Run Ef ciency Implications True or False Questions Solved Problems
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Monopolistic Competition De ned
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In monopolistic competition there are many rms selling a differentiated product or service. It is a blend of competition and monopoly. The competitive elements result from the large number of rms and the easy entry. The monopoly element results from differentiated (i.e., similar but not identical) products or services. Product differentiation may be real or imaginary and can be created through advertising. However, the availability of close substitutes severely limits the monopoly power of each rm.
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126 PRINCIPLES OF ECONOMICS
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Monopolistic competition is the most prevalent form of market organization in retailing. The numerous grocery stores, gasoline stations, dry cleaners, etc. within close proximity of each other are good examples. Examples of differentiated products include the numerous brands of headache remedies (e.g., aspirin, Bufferin, Excedrin, etc.), soaps, detergents, breakfast cereals, and cigarettes. Even if the differences are imaginary (as in the case of various brands of aspirin), they are economically important if the consumer is willing to pay a little more or travel a little further for a preferred brand.
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Most businesses t under the category of monopolistic competition in terms of market organization.
Pro t Maximization
The monopolistic competitor faces a demand curve which is negatively sloped (because of product differentiation) but highly elastic (because of the availability of close substitutes). The monopolistic competitor s profit-maximizing or best level of output is the output at which MR = MC, provided P > AVC. At that output, the rm can make a pro t, break even, or minimize losses in the short run. In the long run, rms are either attracted into an industry by short-run pro ts or leave it if faced with losses until the demand curve (d) facing remaining rms is tangent to its AC curve, and the rm breaks even (P = AC). Example 15.1 Panel A of Figure 15-1 shows a monopolistic competitor producing 550 units of output (where MR = MC), selling it at $10.50 (on d), and making a pro t of $3.50 per unit and $1925 in total. These pro ts attract more rms into the industry. This causes a downward (leftward) shift in this rm s demand curve to d (in Panel B), at which the rm sells 400 units at $8 and breaks even. Since P > MR where MR = MC, the MC curve above AVC does not represent the rm s supply curve.
CHAPTER 15: Monopolistic Competition and Oligopoly
Figure 15-1
Oligopoly De ned
Oligopoly is the form of market organization in which there are few sellers of a product. If the product is homogenous, there is a pure oligopoly. If the product is differentiated, there is a differentiated oligopoly. Since there are only a few sellers of a product, the actions of each seller affect others. That is, the rms are mutually interdependent.
128 PRINCIPLES OF ECONOMICS
Note!
It is dif cult to graphically analyze an oligopoly (as we do with the other types of market organizations) due to the mutual interdependence among the rms.
Pure oligopoly is found in the production of cement, aluminum, and many other industrial products which are are virtually standardized. Examples of differentiated oligopolies are industries producing automobiles, cigarettes, PCs, and most electrical appliances, where three or four large rms dominate the market. Because of mutual interdependence, if one rm lowered its price, it could take most of the sales away from the other rms. Other rms are then likely to retaliate and possibly start a price war. As a result, there is a strong compulsion for oligopolists not to change prices but, rather, to compete on the basis of quality, product design, customer service, and advertising.
Collusion
An orderly price change (i.e., one that does not start a price war) is usually accomplished by collusion that can be overt or tacit. The most extreme form of overt collusion is the centralized cartel, in which the oligopolists produce the monopoly output, charge the monopoly price, and somehow allocate production and pro ts among the cartel members. Antitrust laws make overt collusion illegal in the U.S. In tacit collusion, the oligopolists informally follow a recognized price leader in their pricing policies or agree on how to share the market. Until the 1980s, U.S. Steel (now called USX) was a recognized price leader. When rising costs required it, U.S. Steel raised the price on some of its products on the tacit understanding that other domestic steel producers would match the price within a few days. An orderly price increase was thus achieved without exposing producers to government antitrust action or the danger of a price war.
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