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One prediction about monopolistic competition as a market structure is that it has higher unit costs ...

lilricemunch

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One prediction about monopolistic competition as a market structure is that it has higher unit costs ...

One prediction about monopolistic competition as a market structure is that it has higher unit costs than perfect competition. But it is unreasonable to conclude that monopolistic competition is therefore bad for consumers because

▸ consumers benefit from products becoming more homogeneous.

▸ higher production costs means more employment.

▸ consumers benefit from lower prices.

▸ consumers benefit because of an increase in quantity available.

▸ consumers benefit from an increased variety of products.

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Microeconomics

Edition: 17^th

Author: Ragan

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p071304

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lilricemunch Author

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Thanks

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