Monopolistic Competition

Businesses compete against each other all the time. What are the consequences for society of this competition? In this episode, I have a conversation with Da...

“Last week I ran my "blind" taste test with econ faculty at @UTKnoxville, but I used chocolate bars instead of ice cream. Even among a potentially more refined palette, no one was able to rank the bars by price. This is one of my favorite lessons for monopolistic competition.”

If you've been ordering food online since the start of the pandemic, you may have noticed a bunch of new restaurants in your area that suddenly appeared. Let's look at the economics of ghost kitchens.