Micro: Unit 4.7 -- Monopolistic Competition

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Review the key characteristics of monopolistic competitors
- Discuss how monopolistically competitive firms are "price makers"
- Explain why monopolistic competitors use non-price competition
- Investigate how monopolistic competitors are inefficient in the long-run
- Define excess capacity and how it proves monopolistically competitive firms
are productively inefficient
- Describe how low barriers to entry make it easy for firms to enter and exit
the industry
- Analyze how monopolistically competitive firms break even in the long-run
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[@lolubusi2022]

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[@md.fahimshahriar725]

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