6-2 Short Paper: Monopolies and Monopolistic Competition

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Module Six Short Paper: Monopolies and Monopolistic Competition

[Your Name]

Southern New Hampshire University

ECO 201: Microeconomics

[Your Instructor’s Name]

[Date—for example, May 1, 2021]

[Insert your response to the following prompt: Define monopolistic competition and monopolistic market structures.]

[Insert your response to the following prompt: Identify at least three key features that monopolistic competition and monopolies have in common and three key features that are different. Use the following questions to guide you: How many sellers are there in the market? Are the products differentiated or identical? Explain. Are there barriers to entry and exit? Explain. How is the profit maximizing quantity determined? How is the price determined in each market type? Is there short run and long run profit? Explain.]

[Insert your response to the following prompt: Illustrate the practical application of the economic theory regarding monopolies and monopolistic competition you discussed in the prior section of your paper. Research examples of firms that operate under each market structure and explain why you chose each example. Analyze how each market structure's characteristics align with your example firms' behavior. Provide details to support your claims.]

Mankiw, N.G. (2024). Principles of economics (10th edition). Cengage.

[Include any additional references cited in your paper in full APA format. Don’t forget to include in-text citations as well.]