Characteristics of monopolistic competition 1:40
Examples of monopolistic competition 3:11
Each firm faces a downward-sloping residual demand curve 6:34
The marginal revenue curve for a monopolistically competitive firm 9:15
How the monopolistically competitive firm chooses its quantity and price 10:28
- The firm produces the quantity where MR = MC 11:57
- The firm uses the residual demand curve to choose its price 12:14
How to show the profit for a monopolistically competitive firm 13:52
The monopolistically competitive firm has no supply curve 14:24
Profit maximization in the long-run for the monopolistically competitive firm 15:06
- How entry and exit affect the firm's residual demand curve 16:03
- Profit is driven to zero in the long-run by entry 23:34
Long-run equilibrium for a monopolistically competitive firm 32:48
Is profit equal to zero inevitable? 36:19
- Two ways the firm might be able to make profit positive again
- Try to increase the residual demand curve it faces by further differentiating its good 39:25
- Shift cost curves down by becoming more efficient 40:11
- Bar Rescue as an example of monopolistic competition 41:35
Comparing perfect competition and monopolistic competition 46:22
- The monopolistically competitive firm produces at excess capacity 49:53
- The markup over marginal cost 51:05
The incentive for monopolistically competitive firms to engage in marketing 54:51
