Market Structures Monopolistic Competition Simulation Economics
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- Contributor:
- Teach Me Economics
- Content Area:
- Social Studies, Economics, Microeconomics
- Grade Level:
- 9-12
- Answer Key:
- Yes
- File Type:
- Power Point
Description
Included is an economic simulation, which focuses on monopolistic competition of the market structures for a high school economics class.
Definition/Background
Monopolistic competition characterizes an industry in which many firms offer products or services that are similar (but not perfect) substitutes. Monopolistic competition occurs when an industry has many firms offering products that are similar but not identical. Unlike a monopoly, these firms have little power to curtail supply or raise prices to increase profits.
Objective
Students will engage in a classroom simulation that will represent a monopolistically competitive market structure using the jean market.
Materials included in product:
1. Teacher instructions (PPT and PDF).
2. Student worksheet to complete during the simulation.
3. Reflection/Discussion questions.
Topics covered:
1. Market Structures
2. Monopolistic Competition
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