Wow this is a great video from Welker's economics. It shows side by side diagrams of perfect competition, monopolistic competition and monopoly. It also very nicely explains productive and allocative efficiency. Start at 3:30 and to through 10:30 to get the main facts.
Monday, December 1, 2014
Monopoly, Monopolistic and Perfect Competition
Wow this is a great video from Welker's economics. It shows side by side diagrams of perfect competition, monopolistic competition and monopoly. It also very nicely explains productive and allocative efficiency. Start at 3:30 and to through 10:30 to get the main facts.
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