Output determination - PowerPoint PPT Presentation

Monopolistic Competition and Oligopoly

23. Monopolistic Competition and Oligopoly. Chapter Objectives. Characteristics of Monopolistic Competition Why Monopolistic Competitors Earn Only a Normal Profit in the Long-Run Characteristics of Oligopoly How Game Theory Relates to Oligopoly

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The Classical Long-Run Model

The Classical Long-Run Model. Classical Model. A macroeconomic model that explains the long-run behavior of the economy. Classical model was developed by economists in 19th and early 20 th , to explain a key observation about economy.

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316 views • 17 slides

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