A Level Economics > Micro A2 - Monopolistic Competiton > Flashcards

Micro A2 - Monopolistic Competiton Flashcards

(4 cards)

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1
Q

Characteristics of monopolistically competitive markets

A
  • Lower barriers to entry and exit
  • differentiated products (may create barriers in short run)
  • price setters
  • low market share
  • many buyers and sellers
  • e.g. coffee chop, hairdressers, car washing
  • usually commodities
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2
Q

Short run profit maximisation

A
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3
Q

Long run profit maximisation

A
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4
Q

How to do diagrammatical analysis of profit maximisation

A
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