Y2 21) Monopolistic Competition
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- Опубліковано 7 лип 2024
- Y2 21) Monopolistic Competition. Full detail of theory regarding Monopolistic Competition
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many sites say that monopolistic competition is dynamically efficient and I got an answer wrong in the test. is it dynamically efficient in the short run due to supernormal and not dynamically, in the long run, to be more precise?
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Thanks so much for this video . I have been watching your videos all the way from New York. But I have a question . it goes this way. why are firms in monopolistic competitions don’t operate efficiently and why would they still want to operate under such markets conditions?
Is it possible to use contestability , hit and run entry as a drawback?
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Oh gosh does mc always cut ac at it lowest point in all the other market structure diagrams??
I get the diagram illustrates in the long run that there is no allocative efficiency. However, in reality wouldn't consumers be at benefit due to the entrance of new firms in the market? Newly innovated products, lots of choice and variety etc. So how would consumers lose out like you mentioned @6:55
my bad just watched the rest of the video looooool
One question: In both perfect and monopolistic competition, are there low barriers to entry and exit or no barriers at all? As per my Edexcel textbook, it is pointed as 'no'.
Perfect competition - no barriers to entry
Monopolistic competition - low barriers to entry
(this is according to my lecture notes)
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Why is the MR curve half of AR curve?
0:57, for monopolistic competition, isn't there a usually case where there are *no* barriers to entry/exit?
It’s low as the products are differentiated by brands therefore could be brand loyalty, which is a barrier to entry
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Is insurance monopolistic??
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Is there a book teaching these kinds of content and what's the scope and name and major of this topic?
It's IB economics. High school program part of the IB diploma. The content here is microeconomics.
Because it's a global program, there is lots of content online.
@@arc3271 thanks. Could you please suggest some schools with proper content on the whole topic
@@amin8202 I'm not sure what you mean by that; apart from IB (which is locked to high schools that run the program), any university can give you the same basic level understanding in any introductory economics course (you just learn the basics of microeconomics, macroeconomics, and some international economics). You will likely learn all of it in one class in one semester; a proper economics course will go into more depth then this.
You can also learn from a textbook; I don't know what's best, but if you really want to follow the IB curriculum you can get Economics for the IB Diploma (Second Edition), other then that my university recommends Essentials of Economics (one of the recent ones by Glenn Hubbard). Note this book is for one class for one semester, a full economics course will have many more books.
Is this the same as monopolistic
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He says that in perfect competition there aren't many opportunities for economies of scale. Why?
Only normal profits are earned due to low concentration ratio. Thus the firm's in perfect competition cannot increase their size (scale) and reap the benefits of eco. of. Scale
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Is this the same as monopsony
No,
that’s when there’s only one buyer of goods in the market.
couldn't you get dynamic efficiency in perfect competition if firms reinvest their supernormal profits made in the short run?
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8:35
Isn’t this just the same as perfect competition?
Definitely not
no way
I think its just a less extreme, more realistic version of Perfect competition
show that monopolist does not achieve pareto efficiency
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Why does MC have to go through the minimum of AC? @econplusdal
I wanted to explain but looks like even I don't know but mainly the Situation should be always like this mc will always cut Ac at it's peak