曼昆经济学原理英文版文案加习题答案15章

..Word资料.sticCompetitionWHAT’SNEWINTHESEVENTHEDITION:Therearenomajorchangestothischapter.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:whatmarketstructuresliebetweenmonopolyandcompetition.competitionamongfirmsthatselldifferentiatedproducts.howtheoutcomesundermonopolisticcompetitionandunderperfectcompetitioncompare.thedesirabilityofoutcomesinmonopolisticallycompetitivemarkets.thedebateovertheeffectsofadvertising.thedebateovertheroleofbrandnames.CONTEXTANDPURPOSE:Chapter16isthefourthchapterinafive-chaptersequencedealingwithfirmbehaviorandtheorganizationofindustry.Theprevioustwochaptersdevelopedthetwoextremeformsofmarketstructure—competitionandmonopoly.Themarketstructurethatliesbetweencompetitionandmonopolyisknownasimperfectcompetition.Therearetwotypesofimperfectcompetition—monopolisticcompetitionandoligopoly.Thischapteraddressesmonopolisticcompetitionwhilethefinalchapterinthesequenceaddressesoligopoly.TheanalysisinthischapterisagainbasedonthecostcurvesdevelopedinChapter13.ThepurposeofChapter16istoaddressmonopolisticcompetition—amarketstructureinwhichmanyfirmssellproductsthataresimilarbutnotidentical.Monopolisticcompetitiondiffersfromperfectcompetitionbecauseeachofthemanysellersoffersasomewhatdifferentproduct.Asaresult,monopolisticallycompetitivefirmsfaceadownward-slopingdemandcurvewhilecompetitivefirmsfaceahorizontaldemandcurveatthemarketprice.Monopolisticcompetitionisextremelycommon.MONOPOLISTICCOMPETITION16288❖Chapter16/MonopolisticCompetition©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.KEYPOINTS:Amonopolisticallycompetitivemarketischaracterizedbythreeattributes:manyfirms,differentiatedproducts,andfreeentry.Thelong-runequilibriuminamonopolisticallycompetitivemarketdiffersfromthatinaperfectlycompetitivemarketintworelatedways.First,eachfirminamonopolisticallycompetitivemarkethasexcesscapacity.Thatis,itchoosesaquantitythatputsitonthedownward-slopingportionoftheaverage-total-costcurve.Second,eachfirmchargesapriceabovemarginalcost.Monopolisticcompetitiondoesnothaveallofthedesirablepropertiesofperfectcompetition.Thereisthestandarddeadweightlossofmonopolycausedbythemarkupofpriceovermarginalcost.Inaddition,thenumberoffirms(andthusthevarietyofproducts)canbetoolargeortoosmall.Inpractice,theabilityofpolicymakerstocorrecttheseinefficienciesislimited.Theproductdifferentiationinherentinmonopolisticcompetitionleadstotheuseofadvertisingandbrandnames.Criticsofadvertisingandbrandnamesarguethatfirmsusethemtomanipulateconsumers’tastesandtoreducecompetition.Defendersofadvertisingandbrandnamesarguethatfirmsusethemtoinformconsumersandtocompetemorevigorouslyonpriceandproductquality.CHAPTEROUTLINE:I.BetweenMonopolyandPerfectCompetitionA.Thetypicalfirmhassomemarketpower,butitsmarketpowerisnotasgreatasthatdescribedbymonopoly.B.Firmsinimperfectcompetitionliesomewherebetweenthecompetitivemodelandthemonopolymodel.C.Definitionofoligopoly:amarketstructureinwhichonlyafewsellersoffersimilaroridenticalproducts.1.Economistsmeasureamarket’sdominationbyasmallnumberoffirmswithastatisticcalledaconcentrationratio.2.Theconcentrationratioisthepercentageoftotaloutputinthemarketsuppliedbythefourlargestfirms.Chapter16/MonopolisticCompetition❖289©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.3.IntheU.S.economy,mostindustrieshaveafour-firmconcentrationratiounder50%.D.Definitionofmonopolisticcompetition:amarketstructureinwhichmanyfirmssellproductsthataresimilarbutnotidentical.1.CharacteristicsofMonopolisticCompetitiona.ManySellersb.ProductDifferentiationc.FreeEntryE.Figure1summarizesthefourtypesofmarketstructure.Notethatitisthenumberoffirmsandthetypeofproductsoldthatdistinguishesonemarketstructurefromanother.Figure1Drawatablewiththefourtypesofmarketsacrossthetop.Createrowsforvariousmarketcharacteristicssuchastypeofproductsold,numberoffirms,controloverprice,freedomofentryandexit,andabilitytoearnprofitinthelongrun.Studentswillthenbeabletoseehowthesecharacteristicsrelatetooneanother.290❖Chapter16/MonopolisticCompetition©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Activity1—ThinkofaFirmType:In-classassignmentTopics:MarketstructureMaterialsneeded:NoneTime:15minutesClasslimitations:WorksinanysizeclassPurposeThisassignmenthelpsstudentsrelatetheconceptofmarketstructuretotherealworld.InstructionsAsktheclasstoanswerthefollowingquestions.Aftertheyhaveansweredallofthem,askthestudentstosharetheiranswerswithaneighbor.Asktheneighboringstudenttoevaluatetheanswertothelastquestion.Listthefourmarketstructuresontheboardandaskforexamplesthatfiteachcategory1.Writethenameofaspecificfirm.Itshouldbearealcompany,nothypothetical.2.Whatproductsorservicesdoesthisfirmsell?Ifthefirmsellsawidevarietyofgoods,chooseasingleitemtoanswerthefollowingquestions.3.Whatotherfirmscompetewiththiscompany?Aretheremanycompetitors,on