Micro: Unit 4.7 -- Monopolistic Competition

Hey Everyone!  I'm Mr. Willis, and You Will Love Economics!

In this video, I will:
    - Review the key characteristics of monopolistic competitors
    - Discuss how monopolistically competitive firms are "price makers"
    - Explain why monopolistic competitors use non-price competition
    - Investigate how monopolistic competitors are inefficient in the long-run
    - Define excess capacity and how it proves monopolistically competitive firms
      are productively inefficient
    - Describe how low barriers to entry make it easy for firms to enter and exit
      the industry
    - Analyze how monopolistically competitive firms break even in the long-run

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