411 REFERENCE · Wikibooks
Microeconomics/Monopolistic Competition
Reference material by Wikibooks contributors. This retains its source identity and is not 411 news reporting.
Goals:
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