Economics (McConnell), 18th Edition

Chapter 11: Monopolistic Competition and Oligopoly (+ Appendix)

IN THIS CHAPTER YOU WILL LEARN:

1. The characteristics of monopolistic competition.



2. Why monopolistic competitors earn only a normal profit in the long run.



3. The characteristics of oligopoly.



4. How game theory relates to oligopoly.



5. Why the demand curve of an oligopolist may be kinked.



6. The incentives and obstacles to collusion among oligopolists.



7. The potential positive and negative effects of advertising.



8. (Appendix) About additional game theory terminology and applications.