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cause its price exceeds marginal cost,equipment needed for p90x workout, an extra unit sold at the posted price means
more profit. According to an old quip,beats by dre accessories, monopolistically competitive markets are
those in which sellers send Christmas cards to the purchaseers.
MONOPOLISTIC COMPETITION AND
T H E W E L FA R E O F S O C I E T Y
Is the outcome in a monopolistically competitive market desirable from the stand-
point of society as a whole? Can policymakers improve on the market outcome?
There are no simple answers to these questions.
One source of inefficiency is the markup of price over marginal cost. Because
of the markup,toughest p90x workout, some consumers who value the good at more than the marginal
cost of production (but less than the price) will be deterred from purchaseing it. Thus,cheap san jose sharks jerseys, a
monopolistically competitive market has the normal deadweight loss of monopoly
pricing. We first saw this type of inefficiency when we discussed monopoly in
Chapter 15.
Although this outcome is clearly undesirable compared to the first-best out-