Which Is True With Respect To The Demand Data Confronting A Monopolist?
Chapter 10. Monopolistic Competition and Oligopoly
10.1 Monopolistic Competition
Learning Objectives
By the end of this section, you volition be able to:
- Explicate the significance of differentiated products
- Describe how a monopolistic competitor chooses price and quantity
- Discuss entry, exit, and efficiency as they pertain to monopolistic competition
- Analyze how advertising can touch on monopolistic competition
Monopolistic contest involves many firms competing against each other, simply selling products that are distinctive in some manner. Examples include stores that sell dissimilar styles of wearable; restaurants or grocery stores that sell different kinds of food; and even products like golf balls or beer that may be at least somewhat similar just differ in public perception because of advertizing and brand names. There are over 600,000 restaurants in the Usa. When products are distinctive, each firm has a mini-monopoly on its particular style or flavor or make name. Nonetheless, firms producing such products must also compete with other styles and flavors and make names. The term "monopolistic competition" captures this mixture of mini-monopoly and tough competition, and the following Clear It Up feature introduces its derivation.
Who invented the theory of imperfect contest?
The theory of imperfect competition was developed by two economists independently but simultaneously in 1933. The first was Edward Chamberlin of Harvard University who published The Economics of Monopolistic Contest. The second was Joan Robinson of Cambridge University who published The Economics of Imperfect Competition. Robinson subsequently became interested in macroeconomics where she became a prominent Keynesian, and later a postal service-Keynesian economist. (Run across the Welcome to Economics! and The Keynesian Perspective chapters for more on Keynes.)
Differentiated Products
A firm tin try to make its products different from those of its competitors in several ways: concrete aspects of the product, location from which the product is sold, intangible aspects of the production, and perceptions of the product. Products that are distinctive in one of these ways are called differentiated products.
Concrete aspects of a production include all the phrases you hear in advertisements: unbreakable bottle, nonstick surface, freezer-to-microwave, non-shrink, extra spicy, newly redesigned for your comfort. The location of a house tin can likewise create a difference between producers. For example, a gas station located at a heavily traveled intersection can probably sell more than gas, because more cars drive by that corner. A supplier to an machine manufacturer may find that it is an advantage to locate close to the car manufacturing plant.
Intangible aspects can differentiate a product, too. Some intangible aspects may be promises like a guarantee of satisfaction or money back, a reputation for high quality, services like gratis delivery, or offering a loan to purchase the product. Finally, product differentiation may occur in the minds of buyers. For example, many people could not tell the departure in taste between common varieties of beer or cigarettes if they were blindfolded but, considering of past habits and advertising, they have strong preferences for certain brands. Advertizing can play a role in shaping these intangible preferences.
The concept of differentiated products is closely related to the degree of diversity that is available. If anybody in the economic system wore just blue jeans, ate only white breadstuff, and drank only tap water, then the markets for clothing, food, and drink would be much closer to perfectly competitive. The variety of styles, flavors, locations, and characteristics creates product differentiation and monopolistic contest.
Perceived Demand for a Monopolistic Competitor
A monopolistically competitive house perceives a demand for its goods that is an intermediate case between monopoly and competition. Figure 1 offers a reminder that the demand curve as faced by a perfectly competitive house is perfectly elastic or flat, because the perfectly competitive firm can sell any quantity it wishes at the prevailing market toll. In contrast, the demand curve, as faced past a monopolist, is the market demand curve, since a monopolist is the but firm in the market, and hence is downwardly sloping.
The need curve as faced by a monopolistic competitor is not flat, just rather downward-sloping, which ways that the monopolistic competitor can raise its cost without losing all of its customers or lower the price and gain more than customers. Since there are substitutes, the demand bend facing a monopolistically competitive house is more elastic than that of a monopoly where there are no close substitutes. If a monopolist raises its cost, some consumers volition choose not to purchase its product—only they volition and so need to buy a completely different production. However, when a monopolistic competitor raises its cost, some consumers will choose not to purchase the production at all, but others volition choose to buy a like product from another firm. If a monopolistic competitor raises its toll, information technology will not lose as many customers as would a perfectly competitive business firm, but it will lose more than customers than would a monopoly that raised its prices.
At a glance, the need curves faced by a monopoly and past a monopolistic competitor look like—that is, they both gradient downwardly. Only the underlying economic significant of these perceived demand curves is different, considering a monopolist faces the market demand curve and a monopolistic competitor does not. Rather, a monopolistically competitive business firm's demand bend is only one of many firms that brand up the "before" marketplace need curve. Are you following? If then, how would you categorize the market place for golf assurance? Take a swing, so encounter the following Articulate It Up feature.
Are golf game balls actually differentiated products?
Monopolistic contest refers to an manufacture that has more than than a few firms, each offering a production which, from the consumer'due south perspective, is dissimilar from its competitors. The U.South. Golf Clan runs a laboratory that tests 20,000 golf balls a year. At that place are strict rules for what makes a golf ball legal. The weight of a golf ball cannot exceed 1.620 ounces and its diameter cannot be less than 1.680 inches (which is a weight of 45.93 grams and a bore of 42.67 millimeters, in case y'all were wondering). The assurance are also tested by existence hitting at different speeds. For example, the distance test involves having a mechanical golfer hitting the ball with a titanium driver and a swing speed of 120 miles per 60 minutes. As the testing center explains: "The USGA arrangement then uses an assortment of sensors that accurately mensurate the flight of a golf brawl during a brusk, indoor trajectory from a ball launcher. From this flying data, a computer calculates the lift and drag forces that are generated by the speed, spin, and dimple pattern of the ball. … The distance limit is 317 yards."
Over 1800 golf assurance fabricated by more 100 companies meet the USGA standards. The balls practise differ in various means, like the pattern of dimples on the ball, the types of plastic used on the cover and in the cores, and so on. Since all balls demand to suit to the USGA tests, they are much more than alike than dissimilar. In other words, golf ball manufacturers are monopolistically competitive.
Nonetheless, retail sales of golf balls are nearly $500 1000000 per year, which means that a lot of big companies have a powerful incentive to persuade players that golf balls are highly differentiated and that information technology makes a huge difference which one you choose. Certain, Tiger Woods can tell the divergence. For the average duffer (golf-speak for a "mediocre player") who plays a few times a summertime—and who loses a lot of golf balls to the woods and lake and needs to purchase new ones—about golf assurance are pretty much indistinguishable.
How a Monopolistic Competitor Chooses Price and Quantity
The monopolistically competitive firm decides on its profit-maximizing quantity and price in much the same way equally a monopolist. A monopolistic competitor, like a monopolist, faces a down-sloping demand curve, and so information technology will choose some combination of price and quantity along its perceived demand curve.
As an instance of a profit-maximizing monopolistic competitor, consider the Authentic Chinese Pizza store, which serves pizza with cheese, sweetness and sour sauce, and your choice of vegetables and meats. Although Authentic Chinese Pizza must compete against other pizza businesses and restaurants, it has a differentiated production. The firm's perceived need bend is downwardly sloping, as shown in Effigy ii and the kickoff two columns of Table i.
| Quantity | Price | Total Revenue | Marginal Revenue | Total Toll | Marginal Cost | Average Cost |
|---|---|---|---|---|---|---|
| 10 | $23 | $230 | – | $340 | – | $34 |
| xx | $20 | $400 | $17 | $400 | $six | $20 |
| 30 | $eighteen | $540 | $14 | $480 | $8 | $16 |
| 40 | $16 | $640 | $10 | $580 | $ten | $xiv.50 |
| 50 | $14 | $700 | $6 | $700 | $12 | $14 |
| 60 | $12 | $720 | $2 | $840 | $fourteen | $14 |
| seventy | $10 | $700 | –$two | $ane,020 | $xviii | $14.57 |
| 80 | $8 | $640 | –$6 | $1,280 | $26 | $16 |
| Tabular array ane. Revenue and Toll Schedule | ||||||
The combinations of cost and quantity at each indicate on the need bend can be multiplied to calculate the full revenue that the house would receive, which is shown in the 3rd column of Tabular array 1. The 4th column, marginal revenue, is calculated every bit the modify in total acquirement divided by the modify in quantity. The final columns of Table 1 show full toll, marginal toll, and average cost. Every bit always, marginal cost is calculated by dividing the change in total cost by the change in quantity, while boilerplate price is calculated by dividing full cost by quantity. The post-obit Work It Out characteristic shows how these firms calculate how much of its production to supply at what price.
How a Monopolistic Competitor Determines How Much to Produce and at What Price
The process by which a monopolistic competitor chooses its profit-maximizing quantity and toll resembles closely how a monopoly makes these decisions process. First, the firm selects the profit-maximizing quantity to produce. Then the firm decides what price to charge for that quantity.
Stride i. The monopolistic competitor determines its profit-maximizing level of output. In this case, the Authentic Chinese Pizza company volition determine the profit-maximizing quantity to produce past considering its marginal revenues and marginal costs. Ii scenarios are possible:
- If the firm is producing at a quantity of output where marginal acquirement exceeds marginal cost, then the firm should keep expanding production, considering each marginal unit is adding to profit by bringing in more than revenue than its cost. In this way, the firm will produce upward to the quantity where MR = MC.
- If the firm is producing at a quantity where marginal costs exceed marginal acquirement, then each marginal unit of measurement is costing more than the revenue it brings in, and the firm will increase its profits by reducing the quantity of output until MR = MC.
In this example, MR and MC intersect at a quantity of 40, which is the profit-maximizing level of output for the firm.
Stride two. The monopolistic competitor decides what price to accuse. When the house has determined its turn a profit-maximizing quantity of output, it can and then look to its perceived demand curve to notice out what information technology tin can charge for that quantity of output. On the graph, this process can exist shown as a vertical line reaching upwardly through the profit-maximizing quantity until it hits the house's perceived need bend. For Authentic Chinese Pizza, it should charge a price of $16 per pizza for a quantity of 40.
Once the business firm has chosen price and quantity, it's in a position to calculate total revenue, full cost, and turn a profit. At a quantity of 40, the toll of $16 lies above the average cost curve, so the firm is making economic profits. From Table one nosotros can see that, at an output of forty, the firm'south total revenue is $640 and its total cost is $580, so profits are $threescore. In Effigy 2, the firm'south total revenues are the rectangle with the quantity of forty on the horizontal centrality and the cost of $16 on the vertical centrality. The business firm's full costs are the low-cal shaded rectangle with the aforementioned quantity of 40 on the horizontal axis but the average cost of $14.l on the vertical axis. Profits are total revenues minus total costs, which is the shaded expanse to a higher place the average cost curve.
Although the procedure past which a monopolistic competitor makes decisions about quantity and toll is like to the way in which a monopolist makes such decisions, two differences are worth remembering. First, although both a monopolist and a monopolistic competitor face downward-sloping demand curves, the monopolist's perceived demand bend is the market demand curve, while the perceived demand bend for a monopolistic competitor is based on the extent of its product differentiation and how many competitors it faces. 2nd, a monopolist is surrounded by barriers to entry and need not fear entry, simply a monopolistic competitor who earns profits must look the entry of firms with like, just differentiated, products.
Monopolistic Competitors and Entry
If one monopolistic competitor earns positive economic profits, other firms will be tempted to enter the market. A gas station with a swell location must worry that other gas stations might open up across the street or downward the road—and perhaps the new gas stations will sell coffee or take a carwash or some other allure to lure customers. A successful restaurant with a unique barbecue sauce must exist concerned that other restaurants will endeavor to re-create the sauce or offering their ain unique recipes. A laundry detergent with a great reputation for quality must be concerned that other competitors may seek to build their ain reputations.
The entry of other firms into the same general market place (like gas, restaurants, or detergent) shifts the need curve faced by a monopolistically competitive firm. Equally more firms enter the market place, the quantity demanded at a given cost for any particular firm will turn down, and the business firm's perceived need bend will shift to the left. Equally a firm's perceived demand curve shifts to the left, its marginal revenue curve volition shift to the left, too. The shift in marginal revenue volition change the profit-maximizing quantity that the firm chooses to produce, since marginal revenue will then equal marginal cost at a lower quantity.
Effigy 3 (a) shows a situation in which a monopolistic competitor was earning a profit with its original perceived demand curve (D0). The intersection of the marginal revenue curve (MR0) and marginal cost bend (MC) occurs at betoken S, corresponding to quantity Q0, which is associated on the demand bend at point T with price P0. The combination of price P0 and quantity Q0 lies above the average cost curve, which shows that the business firm is earning positive economical profits.
Unlike a monopoly, with its loftier barriers to entry, a monopolistically competitive business firm with positive economical profits will attract competition. When another competitor enters the marketplace, the original firm'southward perceived demand curve shifts to the left, from D0 to D1, and the associated marginal revenue curve shifts from MR0 to MR1. The new profit-maximizing output is Q1, considering the intersection of the MR1 and MC now occurs at point U. Moving vertically up from that quantity on the new demand curve, the optimal cost is at P1.
As long equally the house is earning positive economical profits, new competitors will continue to enter the market, reducing the original business firm's demand and marginal revenue curves. The long-run equilibrium is shown in the figure at point Y, where the firm's perceived need bend touches the average cost bend. When price is equal to boilerplate toll, economic profits are zero. Thus, although a monopolistically competitive firm may earn positive economic profits in the short term, the process of new entry will drive down economic profits to nix in the long run. Call back that zero economical turn a profit is not equivalent to zero bookkeeping turn a profit. A zero economic turn a profit means the house's accounting profit is equal to what its resources could earn in their next best apply. Figure iii (b) shows the reverse state of affairs, where a monopolistically competitive business firm is originally losing money. The adjustment to long-run equilibrium is analogous to the previous case. The economical losses lead to firms exiting, which will result in increased demand for this particular business firm, and consequently lower losses. Firms leave up to the point where at that place are no more losses in this market, for example when the demand curve touches the boilerplate cost curve, as in betoken Z.
Monopolistic competitors can make an economic profit or loss in the short run, simply in the long run, entry and exit volition drive these firms toward a nix economic profit upshot. However, the zero economic turn a profit consequence in monopolistic competition looks different from the zero economic profit outcome in perfect competition in several ways relating both to efficiency and to variety in the market.
Monopolistic Competition and Efficiency
The long-term upshot of entry and go out in a perfectly competitive market is that all firms end upwardly selling at the price level determined by the lowest betoken on the average cost curve. This issue is why perfect competition displays productive efficiency: goods are being produced at the lowest possible average cost. However, in monopolistic contest, the end effect of entry and exit is that firms cease upward with a toll that lies on the downward-sloping portion of the boilerplate cost bend, not at the very lesser of the AC curve. Thus, monopolistic competition will non be productively efficient.
In a perfectly competitive market, each business firm produces at a quantity where price is set equal to marginal cost, both in the curt run and in the long run. This event is why perfect contest displays allocative efficiency: the social benefits of additional production, as measured past the marginal benefit, which is the aforementioned as the toll, equal the marginal costs to society of that product. In a monopolistically competitive market, the dominion for maximizing profit is to set MR = MC—and price is higher than marginal revenue, not equal to it because the need curve is downwards sloping. When P > MC, which is the consequence in a monopolistically competitive market place, the benefits to society of providing boosted quantity, every bit measured by the price that people are willing to pay, exceed the marginal costs to society of producing those units. A monopolistically competitive firm does not produce more, which means that society loses the net benefit of those extra units. This is the same argument we made nigh monopoly, but in this example to a bottom degree. Thus, a monopolistically competitive manufacture will produce a lower quantity of a skillful and accuse a college price for information technology than would a perfectly competitive industry. See the following Clear It Up feature for more detail on the bear upon of demand shifts.
Why does a shift in perceived demand cause a shift in marginal revenue?
The combinations of toll and quantity at each point on a firm's perceived demand bend are used to calculate total revenue for each combination of price and quantity. This information on total revenue is so used to calculate marginal revenue, which is the change in total revenue divided by the alter in quantity. A change in perceived need volition change full revenue at every quantity of output and in plough, the change in total revenue will shift marginal revenue at each quantity of output. Thus, when entry occurs in a monopolistically competitive industry, the perceived need curve for each firm will shift to the left, considering a smaller quantity will be demanded at whatever given toll. Some other way of interpreting this shift in demand is to observe that, for each quantity sold, a lower price will be charged. Consequently, the marginal revenue will be lower for each quantity sold—and the marginal revenue curve will shift to the left equally well. Conversely, exit causes the perceived demand bend for a monopolistically competitive firm to shift to the right and the corresponding marginal revenue curve to shift right, too.
A monopolistically competitive industry does non display productive and allocative efficiency in either the short run, when firms are making economic profits and losses, nor in the long run, when firms are earning nothing profits.
The Benefits of Variety and Production Differentiation
Fifty-fifty though monopolistic competition does not provide productive efficiency or allocative efficiency, it does have benefits of its own. Product differentiation is based on diversity and innovation. Many people would prefer to live in an economy with many kinds of apparel, foods, and car styles; not in a world of perfect competition where everyone will always wear blueish jeans and white shirts, swallow only spaghetti with apparently red sauce, and drive an identical model of car. Many people would prefer to live in an economy where firms are struggling to figure out ways of attracting customers by methods like friendlier service, gratis delivery, guarantees of quality, variations on existing products, and a meliorate shopping experience.
Economists have struggled, with just partial success, to address the question of whether a market-oriented economy produces the optimal corporeality of multifariousness. Critics of market-oriented economies argue that society does not really need dozens of different athletic shoes or breakfast cereals or automobiles. They argue that much of the cost of creating such a high degree of product differentiation, so of advertising and marketing this differentiation, is socially wasteful—that is, almost people would be just every bit happy with a smaller range of differentiated products produced and sold at a lower cost. Defenders of a market-oriented economy answer that if people practice not desire to buy differentiated products or highly advertised make names, no one is forcing them to do then. Moreover, they argue that consumers benefit substantially when firms seek short-term profits by providing differentiated products. This controversy may never exist fully resolved, in part considering deciding on the optimal amount of variety is very hard, and in role considering the two sides ofttimes place different values on what diverseness ways for consumers. Read the post-obit Clear It Upwardly characteristic for a give-and-take on the function that advertising plays in monopolistic competition.
How does advertisement impact monopolistic competition?
The U.Due south. economy spent about $180.12 billion on advertising in 2014, according to eMarketer.com. Roughly one third of this was tv advertising, and some other third was divided roughly equally betwixt Internet, newspapers, and radio. The remaining third was divided up between straight mail, magazines, telephone directory yellow pages, and billboards. Mobile devices are increasing the opportunities for advertisers.
Advertizement is all nigh explaining to people, or making people believe, that the products of one firm are differentiated from the products of some other house. In the framework of monopolistic competition, there are 2 means to conceive of how advertisement works: either advertizing causes a house'south perceived need bend to become more inelastic (that is, it causes the perceived demand curve to become steeper); or ad causes demand for the house's product to increase (that is, it causes the firm's perceived demand curve to shift to the right). In either case, a successful advertising campaign may allow a firm to sell either a greater quantity or to accuse a higher price, or both, and thus increment its profits.
However, economists and business owners take too long suspected that much of the advertising may only starting time other advertising. Economist A. C. Pigou wrote the following back in 1920 in his volume, The Economics of Welfare:
It may happen that expenditures on advertizing made by competing monopolists [that is, what we now telephone call monopolistic competitors] will but neutralise one another, and go out the industrial position exactly as it would have been if neither had expended anything. For, clearly, if each of ii rivals makes equal efforts to concenter the favour of the public away from the other, the full effect is the aforementioned as it would accept been if neither had made any effort at all.
Key Concepts and Summary
Monopolistic competition refers to a market where many firms sell differentiated products. Differentiated products can arise from characteristics of the adept or service, location from which the product is sold, intangible aspects of the product, and perceptions of the product.
The perceived demand curve for a monopolistically competitive house is downward-sloping, which shows that it is a toll maker and chooses a combination of cost and quantity. Nevertheless, the perceived demand curve for a monopolistic competitor is more than elastic than the perceived demand curve for a monopolist, considering the monopolistic competitor has direct competition, unlike the pure monopolist. A profit-maximizing monopolistic competitor will seek out the quantity where marginal revenue is equal to marginal toll. The monopolistic competitor will produce that level of output and charge the price that is indicated by the firm's need curve.
If the firms in a monopolistically competitive industry are earning economical profits, the industry will attract entry until profits are driven downwards to nada in the long run. If the firms in a monopolistically competitive manufacture are suffering economic losses, then the manufacture will feel exit of firms until economic profits are driven up to zero in the long run.
A monopolistically competitive firm is non productively efficient because it does not produce at the minimum of its average cost bend. A monopolistically competitive firm is non allocatively efficient because it does not produce where P = MC, but instead produces where P > MC. Thus, a monopolistically competitive firm will tend to produce a lower quantity at a higher toll and to charge a higher cost than a perfectly competitive firm.
Monopolistically competitive industries practice offering benefits to consumers in the course of greater variety and incentives for improved products and services. There is some controversy over whether a market-oriented economic system generates also much variety.
Self-Check Questions
- Suppose that, due to a successful advertising campaign, a monopolistic competitor experiences an increase in demand for its product. How will that affect the price it charges and the quantity it supplies?
- Standing with the scenario outlined in question 1, in the long run, the positive economical profits earned by the monopolistic competitor volition attract a response either from existing firms in the industry or firms outside. As those firms capture the original firm'due south profit, what will happen to the original business firm's profit-maximizing price and output levels?
Review Questions
- What is the relationship betwixt product differentiation and monopolistic contest?
- How is the perceived demand bend for a monopolistically competitive firm dissimilar from the perceived need bend for a monopoly or a perfectly competitive firm?
- How does a monopolistic competitor cull its profit-maximizing quantity of output and toll?
- How can a monopolistic competitor tell whether the price it is charging volition cause the firm to earn profits or experience losses?
- If the firms in a monopolistically competitive market place are earning economic profits or losses in the short run, would y'all expect them to continue doing so in the long run? Why?
- Is a monopolistically competitive firm productively efficient? Is information technology allocatively efficient? Why or why not?
Disquisitional Thinking Questions
- Bated from advertisement, how can monopolistically competitive firms increase demand for their products?
- Make a case for why monopolistically competitive industries never attain long-run equilibrium.
- Would you rather have efficiency or multifariousness? That is, one opportunity price of the multifariousness of products nosotros have is that each product costs more per unit of measurement than if there were merely one kind of product of a given blazon, like shoes. Possibly a better question is, "What is the correct amount of variety? Can there be too many varieties of shoes, for example?"
Bug
Andrea's Twenty-four hour period Spa began to offer a relaxing aromatherapy treatment. The firm asks yous how much to charge to maximize profits. The need curve for the treatments is given by the first two columns in Table 2; its total costs are given in the third column. For each level of output, calculate full revenue, marginal revenue, boilerplate cost, and marginal cost. What is the profit-maximizing level of output for the treatments and how much will the firm earn in profits?
| Price | Quantity | TC |
|---|---|---|
| $25.00 | 0 | $130 |
| $24.00 | x | $275 |
| $23.00 | 20 | $435 |
| $22.fifty | 30 | $610 |
| $22.00 | 40 | $800 |
| $21.sixty | fifty | $one,005 |
| $21.xx | threescore | $1,225 |
| Table ii. | ||
References
Kantar Media. "Our Insights: Infographic—U.Due south. Advertizing Year End Trends Report 2012." Accessed October 17, 2013. http://kantarmedia.us/insight-center/reports/infographic-u.s.-advert-year-end-trends-written report-2012.
Statistica.com. 2015. "Number of Restaurants in the United States from 2011 to 2014." Accessed March 27, 2015. http://www.statista.com/statistics/244616/number-of-qsr-fsr-chain-independent-restaurants-in-the-usa/.
Glossary
- differentiated product
- a product that is perceived by consumers as distinctive in some way
- imperfectly competitive
- firms and organizations that fall between the extremes of monopoly and perfect competition
- monopolistic competition
- many firms competing to sell similar just differentiated products
- oligopoly
- when a few large firms have all or virtually of the sales in an industry
Solutions
Answers to Self-Check Questions
- An increase in demand volition manifest itself every bit a rightward shift in the demand bend, and a rightward shift in marginal revenue. The shift in marginal acquirement volition cause a motion up the marginal cost curve to the new intersection betwixt MR and MC at a higher level of output. The new price can be read by cartoon a line up from the new output level to the new demand bend, and so over to the vertical axis. The new toll should be higher. The increment in quantity volition cause a motion along the average cost bend to a possibly higher level of average cost. The toll, though, will increase more, causing an increase in total profits.
- Every bit long as the original house is earning positive economical profits, other firms will respond in ways that take abroad the original firm's profits. This volition manifest itself equally a decrease in need for the original firm'southward production, a decrease in the firm's profit-maximizing cost and a decrease in the business firm's turn a profit-maximizing level of output, essentially unwinding the procedure described in the answer to question i. In the long-run equilibrium, all firms in monopolistically competitive markets will earn cipher economic profits.
Which Is True With Respect To The Demand Data Confronting A Monopolist?,
Source: https://opentextbc.ca/principlesofeconomics/chapter/10-1-monopolistic-competition/
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