thank you so much ...you did it for me econplusdal ... went through 50% of your sessions without going through the study manual and managed to get 86% in my finals.
You have definitely really helped me in my econ class. I have a hard time understanding if I can't see how everything works together step by step. You break everything down step by step so I can map out the big picture. Thank you so much for all of your work you put into your videos!!! You're a lifesaver!
many sites say that monopolistic competition is dynamically efficient and I got an answer wrong in the test. is it dynamically efficient in the short run due to supernormal and not dynamically, in the long run, to be more precise?
I get the diagram illustrates in the long run that there is no allocative efficiency. However, in reality wouldn't consumers be at benefit due to the entrance of new firms in the market? Newly innovated products, lots of choice and variety etc. So how would consumers lose out like you mentioned @6:55
Thanks so much for this video . I have been watching your videos all the way from New York. But I have a question . it goes this way. why are firms in monopolistic competitions don’t operate efficiently and why would they still want to operate under such markets conditions?
One question: In both perfect and monopolistic competition, are there low barriers to entry and exit or no barriers at all? As per my Edexcel textbook, it is pointed as 'no'.
Only normal profits are earned due to low concentration ratio. Thus the firm's in perfect competition cannot increase their size (scale) and reap the benefits of eco. of. Scale
It's IB economics. High school program part of the IB diploma. The content here is microeconomics. Because it's a global program, there is lots of content online.
@@amin8202 I'm not sure what you mean by that; apart from IB (which is locked to high schools that run the program), any university can give you the same basic level understanding in any introductory economics course (you just learn the basics of microeconomics, macroeconomics, and some international economics). You will likely learn all of it in one class in one semester; a proper economics course will go into more depth then this. You can also learn from a textbook; I don't know what's best, but if you really want to follow the IB curriculum you can get Economics for the IB Diploma (Second Edition), other then that my university recommends Essentials of Economics (one of the recent ones by Glenn Hubbard). Note this book is for one class for one semester, a full economics course will have many more books.
