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Chapter 25 Monopolistic Competition

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Part II Product and Factor Markets may be read as an introduction to this chapter as it contains a concise overview of chapters 23-29.

I. Introduction
    A. A monopolistically competitive market exists when a substantially large number of firms serve a market with relatively
         differentiated products.
    B. An example would be merchandising firms of all types selling products such as shoes, shirts, TV's, groceries, etc.
    C. Product differentiation
        1.Some feel it is real and important while others feel it is artificial and unimportant.
        2. Examples
            a. Non-price competition
               1. Product quality
               2. Product image (Branding)
               3. Customer service
               4. Store environment and image
           b. Condition for sale (location)
               1. Mail order
               2. Home delivery using the internet
               3. Bidding on the internet
   C. Some control over price exists and demand tends to be more elastic than with monopoly or oligopoly markets.