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Optimal Prices and Optimal Products: A Continuum of Goods Approach

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  • Roger Ware

Abstract

This paper examines market failure in a monopolistically competitive industry with differentiated products. The set of products sold and prices are compared between monopolistic competition and a social optimum. The industry is asymmetric as products differ in their objective characteristics. The optimal product set does not coincide with that produced by the market. A Ramsey pricing rule is derived. A numerical example is provided

Suggested Citation

  • Roger Ware, 1980. "Optimal Prices and Optimal Products: A Continuum of Goods Approach," Working Paper 376, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:376
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