Share these talks and lectures with your colleagues
Invite colleaguesWe noted you are experiencing viewing problems
-
Check with your IT department that JWPlatform, JWPlayer and Amazon AWS & CloudFront are not being blocked by your network. The relevant domains are *.jwplatform.com, *.jwpsrv.com, *.jwpcdn.com, jwpltx.com, jwpsrv.a.ssl.fastly.net, *.amazonaws.com and *.cloudfront.net. The relevant ports are 80 and 443.
-
Check the following talk links to see which ones work correctly:
Auto Mode
HTTP Progressive Download Send us your results from the above test links at access@hstalks.com and we will contact you with further advice on troubleshooting your viewing problems. -
No luck yet? More tips for troubleshooting viewing issues
-
Contact HST Support access@hstalks.com
-
Please review our troubleshooting guide for tips and advice on resolving your viewing problems.
-
For additional help, please don't hesitate to contact HST support access@hstalks.com
We hope you have enjoyed this limited-length demo
This is a limited length demo talk; you may
login or
review methods of
obtaining more access.
Printable Handouts
Navigable Slide Index
- Introduction
- Assumptions of a monopolistic competition
- Monopolistic competition – Short run equilibrium
- Monopolistic competition – Long run equilibrium
- Monopolistic competition vs. Perfect competition
- Nature of competition in a monopolistic market
- Monopolistic competition and public interest
- Oligopoly
- Assumptions of an oligopoly
- Profit-maximising cartel
- Oligopoly: the cournot model
- Oligopoly and the public interest
- Non-collusive oligopoly and game theory
- Profits for firms A and B at different prices
- Thank you
This material is restricted to subscribers.
Topics Covered
- Monopolistic competitive market
- Monopoly
- Oligopoly
- Cost curves
- Barriers to entry
- Average revenue
- Marginal revenue
- Demand curve
- Equilibrium (short run, long run, nash)
- Elasticity of demand
Talk Citation
Ramesh, S. (2019, September 26). Monopolistic competition and oligopoly [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved September 1, 2024, from https://doi.org/10.69645/RNDL8814.Export Citation (RIS)
Publication History
Other Talks in the Series: Introduction to Microeconomics
Transcript
Please wait while the transcript is being prepared...
0:00
Hi. I'm Dr. Sangaralingam Ramesh.
Welcome to talk number 12 in the Henry Stewart Talks series introduction to microeconomics.
In this talk, we'll be looking at the two remaining market structures:
monopolistic competition and oligopoly.
0:16
In the previous talk, we've looked at the characteristics
of firms in a monopolistic competitive market,
but we can reiterate some of the assumptions of monopolistic competition.
In this case, there are many buyers and sellers,
but each firm in a monopolistic competitive market is not a price taker.
Rather than saying there are many buyers and sellers,
we can say that there are several firms.
Secondly, each firm in a monopolistic competitive market settles
a slightly differentiated product which means that each firm
rather than being a price taker becomes a price searcher,
which means that the firm has to be able to
compare its product with the product of other firms in the market,
and thereby, search for a suitable price that can allow its goods to be sold.
However, similarly to a perfectly competitive market,
in a monopolistic competitive market,
there are costless entry and exit.
In other words, firms can enter the market if there are supernormal profits being
made and exit the market once
those supernormal profits have been reduced to normal profits.
In the case of elasticity of demand,
we could say that the elasticity of demand for products sold by
a monopolistic competitive firm is not as big as for a perfectly competitive firm,
simply because the products are
slightly differentiated in a monopolistic competitive market,
whereas in a perfectly competitive market,
each firm is assumed to sell an identical or homogeneous product.
For this reason, the reason that products sold
by firms in a monopolistic competitive market are differentiated,
the demand curve phase by each firm in
a monopolistic competitive market is, therefore, downward sloping.