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ENDOGENOUS VARIABLE: A variable that is identified within the workings of the model. Also termed a dependent variable, an endogenous variable is in essence the "output" of the model. It should be compared with an exogenous variable this is the "input" of the model.

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Lesson Contents
Unit 1: Intro
  • Definition
  • Characteristics
  • A Mix
  • Product Differentiation
  • Unit 1 Summary
  • Unit 2: Revenue And Cost
  • The Revenue Numbers
  • The Revenue Curves
  • The Cost Numbers
  • The Cost Curves
  • Unit 2 Summary
  • Unit 3: Output
  • The Numbers
  • The Curves
  • Long-Run Equilibrium
  • Unit 3 Summary
  • Unit 4: Analysis
  • Profit, Loss, And Supply
  • Efficiency And Excess Capacity
  • Advertising
  • Unit 4 Summary
  • Unit 5: Evaluation
  • The Bad: Inefficient
  • The Good: Differences
  • Regulation
  • Unit 5 Summary
  • Course Home
    Monopolistic Competition

    • The first unit of this lesson, A Bunch Of Firms, begins this lesson with a look at the nature of monopolistic competition and how it is related to other market structures.
    • In the second unit, Revenue And Cost, we review the revenue side and the cost side the production decision for a monopolistically competitive firm.
    • The third unit, The Output Level, then looks at the profit-maximizing output production decision by a firm in monopolistic competition.
    • In the fourth unit, Doing Some Analysis, we examine a few of the implications of market characterized by monopolistic competition.
    • The fifth and final unit, Good Or Bad?, then closes this lesson by considering the good and the bad of monopolistic competition.

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    SCARCE RESOURCE

    A resource with an available quantity less than its desired use. Scarce, or economic, resources are also called factors of production and are generally classified as either labor, capital, land, or entrepreneurship. Scarce resources are the workers, equipment, raw materials, and organizers used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource falls into the scarce category because it has a limited availability in combination with greater (potentially unlimited) productive uses.

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    Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for vindictive digital clocks with revenge on their minds.
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