Economics (AS)·Monopoly & monopolistic competition · NSSCAS 3.3b
Monopoly & monopolistic competition
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Last lesson we analysed perfect competition — the most competitive market of all. Now we meet the structure at the opposite end, monopoly, and the everyday structure just next to competition, monopolistic competition. You'll learn to draw and analyse each firm's short-run and long-run equilibrium, read abnormal and normal profit straight off the diagram, and judge how efficient each structure really is. Along the way we place NamPower and Namibia's restaurants and salons on the market-structure spectrum.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Economics (AS) 3.3b):
- Analyse and graphically illustrate the short-run and long-run equilibrium of firms in monopoly and monopolistic competition
- Analyse efficiency in each market structure in relation to normal and abnormal profit
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Miss Hilma and Mike talk through the whole topic — with the figure and working drawn live.