Monopolistic Competition
Here is the IB syllabus requirement for this sub-topic:
Monopolistic competition
• Assumptions of the model
• Short-run and long-run equilibrium
• Product differentiation
• Efficiency in monopolistic competition
From www.reffonomics.com a useful introductory slide on calculating price and quantity under monopolistic competition scenario:
Which then leads to finding profit (from the same site, www.reffonomics.com) :
One that is earning a loss:
And one breaking even:
You can access all the resources here: Microeconomics by Dick Brunelle and Steven Reff – full credit to these industrious authors of the presentations above.
From http://highered.mcgraw-hill.com (McConnell Brue Economics) we have a useful interactive graph to explore with appropriate questions to solve – click on the image or title below
Now some video resources:
econsteve12 has given us three parts:
pajholden provides this video: click here
richardmckenzie offers this video:
And finally here is ACDCLeadership’s 60 seconds’ worth:
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