More on Archibald versus Chicago

  • Milton Friedman


Theorists of monopolistic competition contend that firms have a strong tendency to differentiate their product and that, when there are no ‘real’ differences, firms will seek to create trivial and ‘artificial’ differences to establish a separate market. Whatever else Archibald’s piece may contribute to monopolistic competition, it is a striking confirmation that these predictions are as applicable to professional writing as to toothpaste.


Marginal Cost Abstract Model Demand Curve Average Cost Cost Curve 
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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1972

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  • Milton Friedman

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