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QUANTITY DEMANDED: The specific (maximum) quantity of a good or service that buyers are willing and able to buy at a specific demand price. The emphasis here is on specific. Quantity demanded and demand price form a specific pair of numbers.

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Lesson 19: Monopolistic Competition | Unit 5: Evaluation Page: 22 of 22

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In this unit, you should have learned about:
  • The bad of monopolistic competition, which is inefficiency and excess capacity.
  • The good of monopolistic competition, which is product differentiation and the satisfaction of differing preferences.
  • Why government intervention could make monopolistic competition efficient, but that such intervention is seldom undertaken.


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MARGINAL REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between the marginal revenue received by a monopoly for selling its output and the quantity of output sold. Because a monopoly is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopoly maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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