1381:. Advertising induces customers into spending more on products because of the name associated with them rather than because of rational factors. Defenders of advertising dispute this, arguing that brand names can represent a guarantee of quality and that advertising helps reduce the cost to consumers of weighing the trade-offs of numerous competing brands. There are unique information and information processing costs associated with selecting a brand in a monopolistically competitive environment. In a monopoly market, the consumer is faced with a single brand, making information gathering relatively inexpensive. In a perfectly competitive industry, the consumer is faced with many brands, but because the brands are virtually identical information gathering is also relatively inexpensive. In a monopolistically competitive market, the consumer must collect and process information on a large number of different brands to be able to select the best of them. In many cases, the cost of gathering information necessary to selecting the best brand can exceed the benefit of consuming the best brand instead of a randomly selected brand. The result is that the consumer is confused. Some brands gain prestige value and can extract an additional price for that.
1318:
is downwards-sloping, the company will charge a price that exceeds marginal costs. The monopoly power possessed by a MC company means that at its profit-maximising level of production, there will be a net loss of consumer (and producer) surplus. The second source of inefficiency is the fact that MC companies operate with excess capacity. That is that the MC company's profit-maximising output is less than the output associated with minimum average cost. Both an MC and PC company will operate at a point where demand or price equals average cost. For a PC company, this equilibrium condition occurs where the perfectly elastic demand curve equals minimum average cost. An MC company's demand curve is not flat but is downward-sloping. Thus, the demand curve will be tangential to the long-run average cost curve at a point to the left of its minimum. The result is excess capacity.
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prices without triggering a potentially ruinous price war with competitors. The source of an MC company's market power is not barriers to entry since they are low. Rather, an MC company has market power because it has relatively few competitors, those competitors do not engage in strategic decision making and the companies sells differentiated product. Market power also means that an MC company faces a downward sloping demand curve. In the long run, the demand curve is highly elastic, meaning that it is sensitive to price changes, although it is not completely "flat". In the short run, economic profit is positive, but it approaches zero in the long run.
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company produces at an output where average total cost is not a minimum. A monopolistically competitive market is a productively inefficient market structure because marginal cost is less than price in the long run. Monopolistically-competitive markets are also allocative-inefficient, as the company charges prices that exceed marginal cost. Product differentiation increases total utility by better meeting people's wants than homogenous products in a perfectly competitive market.
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1377:. There are two main ways to conceive how advertising works under a monopolistic competition framework. Advertising can cause either a company's perceived demand curve to become more inelastic or demand for the company's product to increase. In either case, a successful advertising campaign may allow a company to sell a greater quantity or to charge a higher price, or both, and thus increase its profits. This allows the creation of
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1354:: Under monopolistic competition, there is little scope for specialisation or standardisation. Product differentiation practised under this competition leads to wasteful expenditure. It is argued that instead of producing too many similar products, only a few standardised products may be produced. This would ensure better allocation of resources and would promote the economic success of the society.
1336:: Under imperfect competition, the installed capacity of every firm is large but not fully used. Total output is, therefore, less than the output which is socially desirable. Since production capacity is not fully used, the resources lie idle. Therefore, the production under monopolistic competition is below the full capacity level.
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to set prices without engaging in strategic decision making regarding the prices of other companies (no mutual independence) and each company's actions have a negligible impact on the market. For example, a company could cut prices and increase sales without fear that its actions will prompt retaliatory responses from competitors.
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other. For example, the basic function of motor vehicles is the same—to move people and objects from point to point in reasonable comfort and safety. Yet there are many different types of motor vehicles such as motor scooters, motor cycles, trucks and cars, and many variations even within these categories.
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There are two sources of inefficiency in the MC market structure. The first source of inefficiency is that, at its optimum output, the company charges a price that exceeds marginal costs. The MC company maximises profits where marginal revenue equals marginal cost. Since the MC company's demand curve
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There are many companies in each MC product group and many companies on the side lines prepared to enter the market. A product group is a "collection of similar products". The fact that there are "many companies" means that each company has a small market share. This gives each MC company the freedom
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between goods in such a market is large and positive. MC goods are best described as close but imperfect substitutes. The goods perform the same basic functions but have differences in qualities such as type, style, quality, reputation, appearance, and location that tend to distinguish them from each
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characteristics of a monopolistically competitive market are almost the same as a perfectly competitive market. Two differences between the two are that monopolistic competition produces heterogeneous products and that monopolistic competition involves a great deal of non-price competition, which is
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Each MC company independently sets the terms of exchange for its product. The company gives no consideration to what effect its decision may have on its competitors. The theory is that any action will have such a negligible effect on the overall market demand that an MC company can act without fear
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Like perfect competition, under monopolistic competition also, the companies can enter or exit freely. The companies will enter when the existing companies are making super-normal profits. With the entry of new companies, the supply would increase which would reduce the price and hence the existing
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Short-run equilibrium of the company under monopolistic competition. The company maximises its profits and produces a quantity where the company's marginal revenue (MR) is equal to its marginal cost (MC). The company is able to collect a price based on the average revenue (AR) curve. The difference
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Long-run equilibrium of the firm under monopolistic competition. The company still produces where marginal cost and marginal revenue are equal; however, the demand curve (MR and AR) has shifted as other companies entered the market and increased competition. The company no longer sells its goods
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MC companies have some degree of market power, although relatively low. Market power means that the company has control over the terms and conditions of exchange. All MC companies are price makers. An MC companies can raise its prices without losing all its customers. The company can also lower
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MC companies sell products that have real or perceived non-price differences. Examples of these differences could include physical aspects of the product, location from which it sells the product or intangible aspects of the product, among others. However, the differences are not so great as to
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Monopolistically-competitive companies are inefficient, it is usually the case that the costs of regulating prices for products sold in monopolistic competition exceed the benefits of such regulation. A monopolistically-competitive company might be said to be marginally inefficient because the
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Evidence suggests that consumers use information obtained from advertising not only to assess the single brand advertised, but also to infer the possible existence of brands that the consumer has, heretofore, not observed, as well as to infer consumer satisfaction with brands similar to the
1070:. This illustrates the amount of influence the company has over the market; because of brand loyalty, it can raise its prices without losing all of its customers. This means that an individual company's demand curve is downward sloping, in contrast to perfect competition, which has a
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The decision regarding price and output of any company does not affect the behaviour of other companies in a group, i.e., impact of the decision made by a single company is spread sufficiently evenly across the entire group. Thus, there is no conscious rivalry among the
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companies will be left only with normal profits. Similarly, if the existing companies are sustaining losses, some of the marginal firms will exit. It will reduce the supply due to which price would rise and the existing firms will be left only with normal profit.
945:. In monopolistic competition, a company takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other companies. If this happens in the presence of a coercive government, monopolistic competition will fall into
1330:: Producers under monopolistic competition often spend substantial amounts on advertising and publicity. Much of this expenditure is wasteful from the social point of view. The producer can reduce the price of the product instead of spending on publicity.
1342:: Idle capacity under monopolistic competition expenditure leads to unemployment. In particular, unemployment of workers leads to poverty and misery in the society. If idle capacity is fully used, the problem of unemployment can be solved to some extent.
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between the company's average revenue and average cost, multiplied by the quantity sold (Qs), gives the total profit. A short-run monopolistic competition equilibrium graph has the same properties of a monopoly equilibrium graph.
953:, the company maintains spare capacity. Models of monopolistic competition are often used to model industries. Textbook examples of industries with market structures similar to monopolistic competition include
2093:. Minimum efficient scale is the level of production at which the long-run average cost curve first reaches its minimum. It is the point where the LRATC curve "begins to bottom out."
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presents a comparable theme of distinguishing perfect from imperfect competition. Further work on monopolistic competition was undertaken by Dixit and
Stiglitz who created the
1348:: Under monopolistic competition expenditure is incurred on cross transportation. If the goods are sold locally, wasteful expenditure on cross transport could be avoided.
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in the long run because demand will decrease and average total cost will increase, meaning that in the long run, a monopolistically competitive company will make zero
1360:: Under perfect competition, an inefficient company is thrown out of the industry. But under monopolistic competition, inefficient companies continue to survive.
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of prompting heightened competition. In other words, each company feels free to set prices as if it were a monopoly rather than an oligopoly.
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Antony Davies & Thomas Cline (2005). "A Consumer
Behavior Approach to Modeling Monopolistic Competition".
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Monopolistically competitive markets have the following characteristics:
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1554:"The Free Market Illusion Psychological Limitations of Consumer Choice"
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based on subtle product differentiation. A firm making profits in the
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1682:, Affordable Course Transformation: The Pennsylvania State University
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2150:"Reading: Advertising and Monopolistic Competition | Microeconomics"
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There are eight characteristics of monopolistic competition (MC):
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from one another (e.g., branding, quality) and hence not perfect
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2238:
Monopolistic
Competition Video Explanation by Prof. Vinod Kumar
1758:"Imperfect Competition: Monopolistic Competition and Oligopoly"
1440:
958:
874:
1885:
1623:
1599:; King, Stephen; Stonecash, Robin; Mankiw, N. Gregory (2003).
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eliminate other goods as substitutes. In technical terms, the
35:
above average cost and can no longer claim an economic profit.
1886:
Goodwin, N.; Nelson, J.; Ackerman, F.; Weisskopf, T. (2009).
1624:
Goodwin, N.; Nelson, J.; Ackerman, F.; Weisskopf, T. (2009).
1033:
The principal goal of the company is to maximise its profits.
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1322:
Socially undesirable aspects compared to perfect competition
1414:
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1814:(7th ed.). New York: McGraw-Hill/Irwin. p. 283.
1373:
Another concern is that monopolistic competition fosters
1421:, or simply claiming to have superior products based on
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2097:
Microeconomics Theory & Applications with
Calculus
1949:
Microeconomics Theory & Applications with
Calculus
1942:
1940:
1938:
1936:
1934:
1932:
1837:
Microeconomics Theory & Applications with
Calculus
1784:
Microeconomics Theory & Applications with
Calculus
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Each company earns only normal profit in the long run.
991:
which has proved applicable used in the sub fields of
1436:
1929:
1089:
Free movement of resources from one firm to another
1729:
1653:(Rev. ed.). Fort Worth: Dryden. p. 443.
1111:Buyers and sellers do not have perfect information
3359:
2058:
2027:
1996:
1805:
1803:
2065:(5th ed.). London: Prentice-Hall. p.
2034:(5th ed.). London: Prentice-Hall. p.
2003:(5th ed.). London: Prentice-Hall. p.
1519:
1481:Monopolistic competition in international trade
1727:
1698:
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1030:Producers have a degree of control over price.
973:, who wrote a pioneering book on the subject,
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2089:The company has not reached full capacity or
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1674:Klingensmith, J. Zachary (26 August 2019),
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1529:International Economics: Theory and Policy
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1561:Tijdschrift voor Economie en Management
1036:Factor prices and technology are given.
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2167:
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984:The Economics of Imperfect Competition
2251:
2124:"What's so bad about monopoly power?"
2118:
2116:
2099:. Boston: Pearson. pp. 483–484.
1890:(2nd ed.). Sharpe. p. 289.
1862:"Monopolistic Competition Definition"
1628:(2nd ed.). Sharpe. p. 317.
2200:
1736:(4th ed.). Wiley. p. 379.
2347:Agent-based computational economics
2059:Pindyck, R.; Rubinfeld, D. (2001).
2028:Pindyck, R.; Rubinfeld, D. (2001).
1997:Pindyck, R.; Rubinfeld, D. (2001).
1974:Microeconomics: Explore & Apply
1913:Microeconomics: Explore & Apply
1589:
13:
2113:
1077:
975:Theory of Monopolistic Competition
14:
3379:
2224:
2201:Bain, Joe S. (1 September 2021).
1859:
1728:Samuelson, W.; Marks, S. (2003).
1707:(2nd ed.). New York: Worth.
1129:
2805:neoclassical–Keynesian synthesis
1972:Ayers, R.; Collinge, R. (2003).
1951:. Boston: Pearson. p. 445.
1911:Ayers, R.; Collinge, R. (2003).
1839:. Boston: Pearson. p. 483.
1786:. Boston: Pearson. p. 485.
1439:
1123:cross price elasticity of demand
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1965:
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160:Concepts, theory and techniques
2176:Journal of Economic Psychology
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1680:Introduction to Microeconomics
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1571:
1545:
1513:
1:
2741:Critique of political economy
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1915:. Pearson. pp. 224–225.
1294:Absolute (across industries)
1266:Short term yes, long term no
1237:Short term yes, long term no
7:
1810:Colander, David C. (2008).
1552:Poiesz, Theo B. C. (2004).
1466:Government-granted monopoly
1432:
1388:
1364:
1182:Market structure comparison
1155:Independent decision-making
1108:Some degree of market power
1105:Independent decision making
947:government-granted monopoly
10:
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2879:Real business-cycle theory
2203:"Monopoly and Competition"
2188:10.1016/j.joep.2005.05.003
1676:"Monopolistic Competition"
1579:"Monopolistic Competition"
1260:Highly elastic (long run)
993:international trade theory
971:Edward Hastings Chamberlin
3319:
3277:
2919:
2653:
2402:
2367:
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2209:. Encyclopedia Britannica
2154:courses.lumenlearning.com
1888:Microeconomics in Context
1626:Microeconomics in Context
1393:In many markets, such as
1251:Monopolistic competition
1146:Freedom of entry and exit
1101:Freedom of entry and exit
2231:Monopolistic Competition
1976:. Pearson. p. 280.
1507:
1200:Product differentiation
931:Monopolistic competition
148:JEL classification codes
2519:Industrial organization
2342:Computational economics
2091:minimum efficient scale
1703:Krugman; Wells (2009).
1601:Principles of Economics
1583:Encyclopædia Britannica
1116:Product differentiation
1093:Product differentiation
1086:Firms are price setters
334:Industrial organization
191:Computational economics
2724:Modern monetary theory
2389:Experimental economics
2359:Pluralism in economics
2332:Mathematical economics
1762:www2.harpercollege.edu
1352:Lack of specialisation
1062:will nonetheless only
186:Experimental economics
36:
27:
3368:Imperfect competition
1860:Staff, Investopedia.
1649:Hirschey, M. (2000).
1471:Imperfect competition
1291:Relatively inelastic
1197:Elasticity of demand
1173:Imperfect information
935:imperfect competition
33:
24:
2598:Social choice theory
2354:Behavioral economics
2337:Complexity economics
2095:Perloff, J. (2008).
1947:Perloff, J. (2008).
1835:Perloff, J. (2008).
1782:Perloff, J. (2008).
1732:Managerial Economics
1651:Managerial Economics
1603:. Thomson Learning.
989:Dixit-Stiglitz model
413:Social choice theory
2682:American (National)
2382:Economic statistics
2130:. 18 September 2014
1501:Perfect competition
1221:Perfect competition
1210:Profit maximization
1184:
951:perfect competition
880:Business portal
201:Operations research
181:National accounting
1531:. Addison-Wesley.
1385:advertised brand.
1231:Perfectly elastic
1180:
1140:economies of scale
1001:economic geography
211:Industrial complex
206:Middle income trap
37:
28:
3355:
3354:
2886:New institutional
2233:by Elmer G. Wiens
2106:978-0-321-27794-7
1958:978-0-321-27794-7
1897:978-0-7656-2301-0
1846:978-0-321-27794-7
1821:978-0-07-334365-5
1793:978-0-321-27794-7
1714:978-0-7167-7159-3
1635:978-0-7656-2301-0
1538:978-0-321-55398-0
1525:Obstfeld, Maurice
1461:Business oligarch
1310:
1309:
1188:Market Structure
1074:demand schedule.
1072:perfectly elastic
1021:barriers to entry
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2559:Natural resource
2394:Economic history
2320:Mechanism design
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1585:. 30 April 2024.
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1491:Natural monopoly
1456:Atomistic market
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1447:Economics portal
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1403:air conditioning
1191:Number of firms
1185:
1179:
920:
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906:
892:Money portal
890:
889:
888:
878:
877:
374:Natural resource
166:Economic systems
62:
39:
38:
3383:
3382:
3378:
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3374:
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3358:
3357:
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3348:Business portal
3315:
3314:
3313:
3273:
3037:von Böhm-Bawerk
2925:
2924:
2915:
2687:Ancient thought
2665:
2664:
2658:
2649:
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2398:
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2315:Contract theory
2300:Decision theory
2281:
2276:
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2222:
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2210:
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2143:
2133:
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2128:www.cbsnews.com
2122:
2121:
2114:
2107:
2088:
2084:
2077:
2057:
2053:
2046:
2026:
2022:
2015:
1995:
1991:
1984:
1970:
1966:
1959:
1945:
1930:
1923:
1909:
1905:
1898:
1884:
1880:
1870:
1868:
1858:
1854:
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1833:
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1751:
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1672:
1668:
1661:
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1550:
1546:
1539:
1518:
1514:
1510:
1505:
1445:
1438:
1435:
1391:
1367:
1346:Cross transport
1334:Excess capacity
1324:
1315:
1203:Excess profits
1175:
1166:
1157:
1148:
1132:
1118:
1080:
1078:Characteristics
1068:economic profit
924:
886:
884:
872:
865:
864:
835:
825:
824:
823:
822:
586:von Böhm-Bawerk
474:
463:
462:
224:
216:
215:
171:Economic growth
161:
153:
152:
94:
92:classifications
17:
12:
11:
5:
3381:
3371:
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3259:
3254:
3249:
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3224:
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3214:
3209:
3204:
3199:
3194:
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3179:
3174:
3169:
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3159:
3154:
3149:
3144:
3139:
3134:
3129:
3124:
3119:
3114:
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3089:
3084:
3079:
3074:
3069:
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3034:
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3024:
3019:
3014:
3009:
3004:
2999:
2994:
2989:
2984:
2979:
2974:
2969:
2964:
2959:
2954:
2949:
2944:
2939:
2934:
2928:
2926:
2920:
2917:
2916:
2914:
2913:
2908:
2903:
2898:
2893:
2888:
2883:
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2881:
2871:
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2869:
2859:
2854:
2849:
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2832:
2827:
2826:
2825:
2824:
2823:
2813:
2808:
2793:
2788:
2783:
2778:
2773:
2768:
2763:
2758:
2753:
2751:Disequilibrium
2748:
2743:
2738:
2733:
2728:
2727:
2726:
2716:
2711:
2706:
2701:
2700:
2699:
2689:
2684:
2679:
2674:
2668:
2666:
2654:
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2646:
2645:
2640:
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2625:
2620:
2615:
2610:
2605:
2600:
2591:
2586:
2581:
2576:
2571:
2566:
2564:Organizational
2561:
2556:
2551:
2546:
2541:
2536:
2531:
2526:
2521:
2516:
2511:
2506:
2501:
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2365:
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2334:
2329:
2327:Macroeconomics
2324:
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2317:
2312:
2307:
2302:
2295:Microeconomics
2291:
2289:
2283:
2282:
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2274:
2267:
2260:
2252:
2246:
2245:
2234:
2226:
2225:External links
2223:
2221:
2220:
2193:
2182:(6): 797–826.
2166:
2141:
2112:
2105:
2082:
2075:
2062:Microeconomics
2051:
2044:
2031:Microeconomics
2020:
2013:
2000:Microeconomics
1989:
1982:
1964:
1957:
1928:
1921:
1903:
1896:
1878:
1852:
1845:
1827:
1820:
1812:Microeconomics
1799:
1792:
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1705:Microeconomics
1692:
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1544:
1537:
1511:
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1476:Microeconomics
1473:
1468:
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1223:
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1215:Pricing power
1213:
1207:
1204:
1201:
1198:
1195:
1192:
1189:
1174:
1171:
1165:
1162:
1156:
1153:
1147:
1144:
1131:
1130:Many companies
1128:
1117:
1114:
1113:
1112:
1109:
1106:
1103:
1098:
1097:Many companies
1095:
1090:
1087:
1079:
1076:
1051:
1050:
1047:
1044:
1040:
1037:
1034:
1031:
1028:
1019:There are few
1017:
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1011:
997:macroeconomics
939:differentiated
926:
925:
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379:Organizational
376:
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366:
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331:
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321:
316:
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223:By application
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95:
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88:
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83:
82:
77:
72:
64:
63:
55:
54:
48:
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15:
9:
6:
4:
3:
2:
3380:
3369:
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3365:
3363:
3349:
3346:
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3336:
3334:
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3329:
3326:
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3321:
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3307:
3304:
3300:
3297:
3295:
3292:
3290:
3287:
3286:
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3263:
3260:
3258:
3255:
3253:
3250:
3248:
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3230:
3228:
3225:
3223:
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3200:
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3143:
3140:
3138:
3135:
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3128:
3125:
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3115:
3113:
3110:
3108:
3105:
3103:
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3085:
3083:
3080:
3078:
3075:
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3068:
3065:
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3058:
3055:
3053:
3050:
3048:
3045:
3043:
3040:
3038:
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3033:
3030:
3028:
3025:
3023:
3020:
3018:
3015:
3013:
3010:
3008:
3005:
3003:
3000:
2998:
2995:
2993:
2990:
2988:
2985:
2983:
2980:
2978:
2975:
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2970:
2968:
2965:
2963:
2960:
2958:
2955:
2953:
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2948:
2945:
2943:
2940:
2938:
2935:
2933:
2932:de Mandeville
2930:
2929:
2927:
2923:
2918:
2912:
2909:
2907:
2904:
2902:
2899:
2897:
2894:
2892:
2889:
2887:
2884:
2880:
2877:
2876:
2875:
2874:New classical
2872:
2868:
2865:
2864:
2863:
2860:
2858:
2855:
2853:
2850:
2846:
2843:
2842:
2841:
2838:
2836:
2833:
2831:
2830:Malthusianism
2828:
2822:
2819:
2818:
2817:
2814:
2812:
2809:
2806:
2802:
2799:
2798:
2797:
2794:
2792:
2791:Institutional
2789:
2787:
2784:
2782:
2779:
2777:
2774:
2772:
2769:
2767:
2764:
2762:
2759:
2757:
2754:
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2747:
2744:
2742:
2739:
2737:
2734:
2732:
2729:
2725:
2722:
2721:
2720:
2717:
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2712:
2710:
2707:
2705:
2702:
2698:
2695:
2694:
2693:
2690:
2688:
2685:
2683:
2680:
2678:
2675:
2673:
2670:
2669:
2667:
2662:
2657:
2652:
2644:
2641:
2639:
2636:
2634:
2631:
2629:
2626:
2624:
2621:
2619:
2616:
2614:
2611:
2609:
2606:
2604:
2601:
2599:
2595:
2594:Public choice
2592:
2590:
2587:
2585:
2582:
2580:
2577:
2575:
2572:
2570:
2569:Participation
2567:
2565:
2562:
2560:
2557:
2555:
2552:
2550:
2547:
2545:
2542:
2540:
2537:
2535:
2532:
2530:
2529:Institutional
2527:
2525:
2522:
2520:
2517:
2515:
2512:
2510:
2507:
2505:
2502:
2500:
2497:
2495:
2492:
2490:
2487:
2485:
2482:
2480:
2479:Expeditionary
2477:
2475:
2472:
2470:
2469:Environmental
2467:
2465:
2462:
2460:
2457:
2455:
2452:
2450:
2447:
2445:
2442:
2440:
2437:
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2415:
2412:
2411:
2407:
2405:
2401:
2395:
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2383:
2380:
2379:
2378:
2375:
2374:
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2360:
2357:
2355:
2352:
2348:
2345:
2344:
2343:
2340:
2338:
2335:
2333:
2330:
2328:
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2321:
2318:
2316:
2313:
2311:
2308:
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2301:
2298:
2297:
2296:
2293:
2292:
2290:
2288:
2284:
2280:
2273:
2268:
2266:
2261:
2259:
2254:
2253:
2250:
2244:
2240:
2235:
2232:
2229:
2228:
2208:
2204:
2197:
2189:
2185:
2181:
2177:
2170:
2155:
2151:
2145:
2129:
2125:
2119:
2117:
2108:
2102:
2098:
2092:
2086:
2078:
2076:0-13-030472-7
2072:
2068:
2064:
2063:
2055:
2047:
2045:0-13-030472-7
2041:
2037:
2033:
2032:
2024:
2016:
2014:0-13-030472-7
2010:
2006:
2002:
2001:
1993:
1985:
1983:0-13-177714-9
1979:
1975:
1968:
1960:
1954:
1950:
1943:
1941:
1939:
1937:
1935:
1933:
1924:
1922:0-13-177714-9
1918:
1914:
1907:
1899:
1893:
1889:
1882:
1867:
1863:
1856:
1848:
1842:
1838:
1831:
1823:
1817:
1813:
1806:
1804:
1795:
1789:
1785:
1778:
1763:
1759:
1753:
1745:
1743:0-470-00044-9
1739:
1734:
1733:
1724:
1716:
1710:
1706:
1699:
1697:
1681:
1677:
1670:
1662:
1660:0-03-025649-6
1656:
1652:
1645:
1637:
1631:
1627:
1620:
1612:
1610:0-17-011441-4
1606:
1602:
1598:
1592:
1584:
1580:
1574:
1567:(2): 309–338.
1566:
1562:
1555:
1548:
1540:
1534:
1530:
1526:
1522:
1521:Krugman, Paul
1516:
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1359:
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1347:
1344:
1341:
1338:
1335:
1332:
1329:
1328:Selling costs
1326:
1325:
1319:
1306:Price setter
1305:
1302:
1299:
1296:
1293:
1290:
1287:
1284:
1282:
1279:
1278:
1275:Price setter
1274:
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1202:
1199:
1196:
1194:Market power
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1007:
1004:
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990:
986:
985:
980:
979:Joan Robinson
976:
972:
968:
964:
960:
956:
952:
948:
944:
940:
936:
933:is a type of
932:
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2862:Neoclassical
2852:Mercantilism
2761:Evolutionary
2623:Sociological
2596: /
2494:Geographical
2474:Evolutionary
2449:Digitization
2414:Agricultural
2377:Econometrics
2305:Price theory
2211:. Retrieved
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1866:Investopedia
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1411:toilet paper
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850:Publications
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438:Sociological
411: /
309:Geographical
289:Evolutionary
264:Digitization
229:Agricultural
133:Mathematical
104:Econometrics
18:
3137:von Neumann
2906:Supply-side
2891:Physiocracy
2835:Marginalism
2524:Information
2464:Engineering
2444:Development
2439:Demographic
2310:Game theory
2287:Theoretical
1427:advertising
1407:smartphones
1379:brand names
1375:advertising
1206:Efficiency
955:restaurants
943:substitutes
686:von Neumann
339:Information
279:Engineering
259:Development
254:Demographic
196:Game theory
138:Methodology
3294:Economists
3167:Schumacher
3072:Schumpeter
3042:von Wieser
2962:von ThĂĽnen
2922:Economists
2821:Circuitism
2786:Humanistic
2781:Historical
2756:Ecological
2746:Democratic
2719:Chartalism
2709:Behavioral
2672:Mainstream
2633:Statistics
2628:Solidarity
2549:Managerial
2514:Humanistic
2509:Historical
2454:Ecological
2419:Behavioral
2213:26 October
2207:Britannica
2159:1 November
1871:1 November
1767:1 November
1686:1 November
1395:toothpaste
1212:condition
1064:break even
845:Economists
716:Schumacher
621:Schumpeter
591:von Wieser
511:von ThĂĽnen
472:economists
448:Statistics
443:Solidarity
364:Managerial
329:Humanistic
324:Historical
269:Ecological
234:Behavioral
128:Mainstream
3212:Greenspan
3177:Samuelson
3157:Galbraith
3127:Tinbergen
3067:von Mises
3062:Heckscher
3022:Edgeworth
2901:Stockholm
2896:Socialist
2796:Keynesian
2776:Happiness
2736:Classical
2697:Mutualism
2692:Anarchist
2677:Heterodox
2574:Personnel
2534:Knowledge
2499:Happiness
2489:Financial
2459:Education
2434:Democracy
2369:Empirical
2279:Economics
1496:Oligopoly
1419:packaging
1225:Infinite
1060:short run
949:. Unlike
761:Greenspan
726:Samuelson
706:Galbraith
676:Tinbergen
616:von Mises
611:Heckscher
571:Edgeworth
389:Personnel
349:Knowledge
314:Happiness
304:Financial
274:Education
249:Democracy
143:Political
109:Heterodox
52:Economics
3362:Category
3323:Category
3303:journals
3289:Glossary
3242:Stiglitz
3207:Rothbard
3187:Buchanan
3172:Friedman
3162:Koopmans
3152:Leontief
3132:Robinson
3017:Marshall
2867:Lausanne
2771:Georgism
2766:Feminist
2714:Buddhist
2704:Austrian
2603:Regional
2579:Planning
2554:Monetary
2484:Feminist
2429:Cultural
2424:Business
1527:(2008).
1486:Monopoly
1433:See also
1389:Examples
1365:Problems
1281:Monopoly
1243:P=MR=MC
1055:long-run
1043:company.
981:'s book
977:(1933).
963:clothing
854:journals
840:Glossary
791:Stiglitz
756:Rothbard
736:Buchanan
721:Friedman
711:Koopmans
701:Leontief
681:Robinson
566:Marshall
470:Notable
418:Regional
394:Planning
369:Monetary
299:Feminist
244:Cultural
239:Business
44:a series
42:Part of
3338:Outline
3309:Schools
3301: (
3262:Piketty
3257:Krugman
3122:Kuznets
3112:Kalecki
3087:Polanyi
2977:Cournot
2972:Bastiat
2957:Ricardo
2947:Malthus
2937:Quesnay
2840:Marxian
2731:Chicago
2661:history
2656:Schools
2643:Welfare
2613:Service
2404:Applied
2243:YouTube
2134:3 April
959:cereals
860:Schools
852: (
811:Piketty
806:Krugman
671:Kuznets
661:Kalecki
636:Polanyi
526:Cournot
521:Bastiat
506:Ricardo
496:Malthus
486:Quesnay
458:Welfare
428:Service
99:Applied
75:Outline
70:History
3247:Thaler
3227:Ostrom
3222:Becker
3217:Sowell
3197:Baumol
3102:Myrdal
3097:Sraffa
3092:Frisch
3082:Knight
3077:Keynes
3052:Fisher
3047:Veblen
3032:Pareto
3012:Menger
3007:George
3002:Jevons
2997:Walras
2987:Gossen
2911:Thermo
2589:Public
2584:Policy
2539:Labour
2504:Health
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1272:MR=MC
796:Thaler
776:Ostrom
771:Becker
766:Sowell
746:Baumol
651:Myrdal
646:Sraffa
641:Frisch
631:Knight
626:Keynes
601:Fisher
596:Veblen
581:Pareto
561:Menger
556:George
551:Jevons
546:Walras
536:Gossen
404:Public
399:Policy
354:Labour
319:Health
176:Market
3333:Lists
3328:Index
3279:Lists
3252:Hoppe
3237:Lucas
3202:Solow
3192:Arrow
3182:Simon
3147:Lange
3142:Hicks
3117:Röpke
3107:Hayek
3057:Pigou
3027:Clark
2942:Smith
2857:Mixed
2816:Post-
2638:Urban
2618:Socio
2608:Rural
1557:(PDF)
1508:Notes
1288:High
1263:High
1254:Many
1234:None
1228:None
967:shoes
833:Lists
801:Hoppe
786:Lucas
751:Solow
741:Arrow
731:Simon
696:Lange
691:Hicks
666:Röpke
656:Hayek
606:Pigou
576:Clark
491:Smith
453:Urban
433:Socio
423:Rural
123:Macro
119:Micro
80:Index
3268:more
2992:Marx
2982:Mill
2967:List
2845:Neo-
2801:Neo-
2215:2022
2161:2020
2136:2019
2101:ISBN
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