Monopolistic Competition (Lecture)

Examines the short- and long-run equilibrium of a monopolistically competitive market using graphs and lecture.

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Roger Man! You have no idea how easy you have made my revision become. You have become my Micro-econ House lecturer right from Demand and supply, Theory of the Firms, Welfare and now Market Structures! Thanks so so much. Abstract ideas made simple!

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well said

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THIS IS A GREAT ONE AND EASY EXPLANATION OF COMPLEX ...HATS OFF SIR

[@TheWyvern66]

And thanks for making my day! :)

[@xiaoyanxu3460]

as a international student, it is very hard to understand the lecture in class, but your explanation of the graph is very detail. thank for your upload (i have also seen your other lectures )

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Very explanative. Thank u so much

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[@adwanalshammari4087]

Thanks a lot for this clear expalintion and can you add more please. That would be really helpful.

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i wish my instructor was this clear.

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Clear and simple. Nice

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Owesome Lecture !!

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[@stroopwafel97]

Simply an amazing explanation. Just amazing. Thanks for saving my life. :)

[@theall-seeingrinnegan5683]

+Rob Braat Hello, in a monopoly, what's the difference between equilibrium quantity and profit-maximization quantity? Or are they the same?

[@stroopwafel97]

+the all-seeing Rinnegan I'm not quite sure if I understand your question, but I believe they are the same.

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One of the best on youtube

[@TheWyvern66]

Thank you, sir. :)

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Hello, Thank you so much for this....

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This is a lot of help

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Good lecture. Thank you.

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[@rogerstrickland4004]

Thank you, Amol. I appreciate your comment. What university?

[@jennasalazar4322]

What happens to average cost in the long run for a monopolistically competitive firm? Is it increasing or decreasing? and why?

[@roshanbastola9302]

best lecture plz add more

[@TheWyvern66]

@razorback6996: the barriers to entry applies to monopoly, not monopolistic competition. Good question - helps keeps things clear. RS

[@mansisroai4878]

hie sir,i have a question.here in my book the features of monopoly r given as single seller,no close substitutes,no entry n so on but i am still confused .........if there can't be any entry of th firm into the market then how can there be a competition in a monopolistic market

[@razorback6996]

I have a question: would more firms be able to join this market? because i thought there were barriers that only allow one firm to dominate the market in monopolistic competition, or is that only for a pure monopoly?

[@KozueUchino]

what is the difference between a "normal" profit and an economic profit?

[@thanl212]

you're mah boy wyvern. mah boy.

[@TheWyvern66]

And you made my day! Thx! RS

[@Vhuimo]

brilliant thanks!!!

[@qin1212]

hi sir! is there any videos about price discrimination in monopoly??? thanks before!

[@anilkumarlopinti5313]

nice lecture sir

[@christianmartinez-ox9qh]

No wonder it sucks to work in restaurants. It sucks to work in restaurants because they are rarely making economic profit. Either they are making enough money to stay in business or losing money. If I were an economist, I would say choose another managerial position if not for the experience.

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why no any lectures about nash cournot equilibrium:( it was so important for me to hear from your explanation...

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Sammie Watson That is exactly what I was thinking

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Thanks a lot!

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[@Prp1815]

You save my life every time I have economics exam

[@TheWyvern66]

+paula Pérez Romero Delighted to hear it! ;) RS

[@theall-seeingrinnegan5683]

+TheWyvern66 Hello, in a monopoly, what's the difference between equilibrium quantity and profit-maximization quantity? Or are they the same? Thanks

[@ratioveritas9983]

05:40 Wait! Why assume the demand curve will shift downward in a parallel way?Would not that be ONLY IF the market as whole, say, changed its tastes or had lower income? Put it this way:suppose population goes up by 100% as tastes and income per capita remains. It would imply for every price P there would now twice as many potential customers as before i.e. where it was $80(q=1), $70,$70 (q=2), $60,60,60(q=3), now it would be $80,$80 (q=2), 70,70,70,70(q=4), 60,60,60,60,60,60(q=6), right? Thanks

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Thanks very much.....

[@zainfarooqzainfarooq]

THANK YOU SO MUCH

[@vikassingh8321]

in this vedio u have said that 1st feature of perf. com. is very small no. of buyers n sellers,,,

[@MissDJErinB]

So are the long run equilibriums of both perfect competition and monopoly both the same? or are they different?

[@TheWyvern66]

They are very different (to an economist, especially!). :) Given the same cost curves for both firms, the monopolist will operate at a lower level of output and charge a higher price, earning economic profits. Consumers lose from this, generally, which is why we have anti-trust laws in the US to mitigate this. The perfect competitor, you may recall, operates in the long run at the LOWEST point on his ATC curve, representing lower costs, lower prices, and more output - so we consumers can enjoy more of the product at a lower price.

[@SyedAlinintendo]

good

[@Devon_Howell]

I think you are awesome, great source to help learn. I do have one point to disagree on though, because this is a monopoly, the firm will not have to worry about other firms joining the market because of high barriers to entry. Is there something I'm missing here that makes you right?

[@kevinlooney9526]

In monopolistic competition there are low (or no) barriers to entry and exit. You're thinking of a monopoly. Though they have similar names that are easily confused monopolistic competition and monopolies are quite different

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I like this better than the Khan videos

[@N3wbyB3wby]

Has anybody ever told you that you draw really straight lines?

[@francisdevlin8347]

What's the music on this track?

[@rogerstrickland4004]

It's part of the canned tracks that came on Camtasia. Sorry, don't recall the name.

[@francisdevlin8347]

@@rogerstrickland4004 A reply from the Wyvern himself - I'm honoured! By the way, in any of your videos do you cover international trade economics like the Ricardian Model, Hecksher-Ohlin model, the impacts of tariffs and quotas on small and large economies?

[@zainfarooqzainfarooq]

one may be short run and the other may be long run.. I presume

[@tradersid369]

Respected Sir, can you please make a video on "Theory of Excess Capacity under Monopolistic Competition" ?

[@TheWyvern66]

I'm in the middle of exams right now, but what they are referring to in that topic is the difference between what a perfect competitor's output would be in long run equilibrium (at its minimum ATC) and where the monopolistic competitor operates (at a smaller output than the perfect competitor, since his demand curve is tangent to the ATC at a smaller level of output. They are saying that the monopolisitic competitor could produce MORE (getting to minimum ATC), but he's too smart for that - he maximizes his profit, doesn't minimize his cost. Does that help?

[@tradersid369]

Yes got it. Thank you :)

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its good but while your lecture is not clear other in Africa languish so you have good example for others like insensitive words