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Chapter 16: Monopolistic competition

Nhằm giúp các bạn củng cố lại kiến thức đã học và có thêm tài liệu phục vụ nhu cầu học tập và ôn thi về cạnh tranh độc quyền, nội dung tài liệu "Chapter 16: Monopolistic competition. Hy vọng tài liệu sẽ giúp các bạn tự tin hơn trong kỳ thi sắp tới. | Consider the problem facing two firms, Firm A and Firm B, in the fast-food restaurant market. Each firm has just come up with an idea for a new fast-food menu item which it would sell for $4. Assume that the marginal cost for each new menu item is a constant $2, and the only fixed cost is for advertising. Each company knows that if it spends $12 million on advertising it will get 2 million consumers to try its new product. Firm A has done market research which suggests that its product does not have any "staying" power in the market. Even though it could get 2 million consumers to buy the product once, it is unlikely that they will continue to buy the product in the future. Firm B's market research suggests that its product is very good, and consumers who try the product will continue to be consumers over the ensuing year. On the basis of its market research, Firm B estimates that its initial 2 million customers will buy one unit of the product each month in the coming year, for a total of 24 million units.