1. Economics Director Presentation EdBus Investigation of International Fair By Harrison Hsieh

2. International Fair – Bouncy Castle Provided by Senior Student Council One of the most popular booths Like any other booth, to make money

3. Monopolistic Competition- What is it? All firms produce similar yet not perfectly substitutable products. All firms are able to enter the industry if the profits are attractive. All firms have some market power, which means none are price takers. All firms are profit maximizers.

4. How is International Fair a Monopolistic Competition? All booths have power to set their own prices They’re out to make money Not all substitutable goods (demand of other goods don’t change with other booth price changes)

5. Graphs Profit Maximization always MC=MR

6. Difference Between Short Run and Long Run You can never make a profit in the long run (always break even)

7. Difference from Perfect Competition In Perfect Competition, D=AR=MR, as opposed from D=AR in Monopolistic Competition and MR lies below that D=AR=MR for Perfect Competition is a horizontal line

8. Works Cited http://www.investopedia.com/terms/m/monopolisticmark et.asp http://www.investopedia.com/terms/m/monopolisticmark et.asp http://en.wikipedia.org/wiki/Substitute_good