Imperfect Competition: Monopolistic Competition

TOPIC:            Imperfect Competition: Monopolistic Competition

TEXT REFERENCES:    Mankiw, Chapter 16

DATE:            TO BE ANNOUNCED

1.     General characteristics of monopolistic competition

        A.     Easy entry into industry and its similarity to perfect competition

        B.     Product differentiation and its similarity to monopoly

2.     Short run and long run behavior and "sick" industries