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Learning Objectives
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In this chapter you will learn:
  • The characteristics of monopolistic competition.
  • Why monopolistic competitors earn only a normal profit in the long run.
  • The characteristics of oligopoly.
  • How game theory relates to oligopoly.
  • Why the demand curve of an oligopolist may be kinked.
  • The incentives and obstacles to collusion among oligopolists.
  • The potential positive and negative effects of advertising.





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