From Perfect to Monopolistic Competition (Excerpt from Class)

Showing the graphical difference with discussion of the difference between perfect and monopolistic competition.

[@x305tillidiex]

Absolutely loved the "looking for a job" example for Monopolistic Competition. Thanks a bunch for the video.

[@lisahinschberger6985]

Your videos are fantastic. You keep it short and simple and to the point. I couldn't have survived my Microeconomics class without your help. Thank You from Canada.

[@LucretiaVanPelt]

Thank you for responding. And, I appreciate your help and understanding of economics.

[@MichaelHart2]

This man just made a life lesson out of Econ. WOW! That's incredible

[@916AHernandez]

From one veteran to another, you broke that down "shotgun" style. Nice job!

[@TheWyvern66]

At the level of output where MR is zero (we're assuming straight line curves here, nothing fancy), if you read up to the demand curve from that quantity, that will be the "midpoint" of the demand curve, the point where TR is at a maximum, and price elasticity is 1.0. As the demand curve slopes down, it eventually intersects the x (quantity) axis - at that point you would see the quantity buyers would want if the price was zero/free.

[@atobokiba]

sir i loved your lecture's it has helped me a lot in understanding economics from the core basic hope you keep uploading more such vids

[@artbridder]

More excerpts from classes plox! I just really enjoy it

[@jikkumohan]

Thanks for reinforcing the differences between monopolistic and perfect competition. I understand that a monopolistic competition differs from perfect competition due to product differentiation. However in both cases the demand curve is tangential to the ATC, though in monopolistic competition the demand curve is sloped downwards.In both market structures companies seem to just break even. Is this the case that in all market structures (oligo and mono) that companies just breakeven in long run?

[@LucretiaVanPelt]

Regarding a monopoly, ff the MR curve is 0 (because revenues are the same; 12 units at $2 and/or 2 units at $12ea...TR=PxQd), what would this imply for the demand curve? Does the demand curve just "meet" or become tangent with the x-axis? Does it curve upward away from the MR? Does it run a specific distance away from the MR?

[@sharif504]

u great

[@jadedconformist]

That first transition seemed uneccessary. (Good vid though!)