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MACROECONOMIC PROBLEMS: Undesirable situations that exist in the macroeconomy, largely because one or more of the macroeconomic goals are not satisfactorily attained. The primary problems are unemployment, inflation, and stagnant growth. Macroeconomic theories are designed to explain why these problems emerge and to recommend corrective policies.

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Lesson 19: Monopolistic Competition | Unit 1: Intro Page: 5 of 22

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Monopolistic competition as a market structure with a large number of relatively small firms that sell similar but slightly different products.
  • The four characteristics of monopolistic competition -- large number of small firms, similar but not identical products, relatively good resource mobility, and relatively complete knowledge.
  • Why monopolistic competition is consider the imperfect real world's best attempt to achieve perfect competition.
  • Monopolistic competition as a mix of perfect competition (the "competition") and monopoly (the "monopolistic").
  • The important role that product differentiation plays in monopolistic competition, and how it gives each firm "a little bit of a monopoly."
  • How product differentiation can be achieved through physical differences, perceived differences, and support services.


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NUMBER OF BUYERS, DEMAND DETERMINANT

The number of buyers willing and able to buy a good, which is assumed constant when a demand curve is constructed. The number of buyers is one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, buyers' preferences, other prices, and buyers' expectations.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for celebrities who speak directly to you through your television.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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