Alright, we’re finally at the end of the chapter on Market Structures! Hang in there! It’ll be all over soon! After talking about monopolistic competition, we are just left with oligopoly and off we go to labor economics, general equilibrium, welfare economics! These are extremely interesting topics and I’m sure you will find much joy in learning them with me!
Monopolistic competition is one the more realistic market structures because we see them everyday! After watching the video, I suggest you go out there and attempt to classify firms under their respective market structures. Look at their products. Are they differentiated? If so, how different are they? Make a wild guess about the type of profits they are making too. Something I personally like doing is to think critically about their business and think of new ideas on how to capture a larger market share and increase profits. You should do it too! 🙂
At the end of the video, you should be able to: