Learning Goal: I’m working on a micro economics discussion question and need the explanation and answer to help me learn.
Week 11: Interactive activity
11.1 Learning Outcomes
- Describe and explain the effects of market entry
- Explore the effects of asymmetric information on the price, quality, and volume of a good sold in a market
- List the conditions for equilibrium in monopolistic competition
- Contrast monopolistic competition and perfect competition
- Analyze the sources and consequences of market externalities
11.2 Action Required:
Read the following to prepare for this week:
Survey of Economics, Chapter 8: Market Entry. Monopolistic Competition and Oligopoly
Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question.
MIT Open Course Ware video lecture series, Oligopoly
11.3 Test your Knowledge (Question):
Question: Refer the above video and discuss how cartel turns oligopolies into monopoly.