Microeconomics/Monopolistic Competition
< MicroeconomicsGoals:
- To introduce monopolistic competition
- To show the Dead-Weight Loss (DWL)
To achieve these goals, we build on the definitions from Perfect Competition:
- Profit
- The Short Run (SR) v. The Long Run (LR)
- Production Function
- Principle of diminishing returns
- Firm Production Decision
- Profit Maximization Rule
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