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HERFINDAHL INDEX: A measure of concentration of the production in an industry that's calculated as the sum of the squares of market shares for each firm. This is an alternative method of summarizing the degree to which an industry is oligopolistic and the relative concentration of market power held by the largest firms in the industry. The Herfindahl index gives a better indication of the relative market control of the largest firms than can be found with the four-firm and eight-firm concentration ratios.

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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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    AGGREGATE SUPPLY SHIFTS

    Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.

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    BEIGE MUNDORTLE
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    Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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