Main article: List of John McCain presidential campaign staff members, 2008. On July 2, 2008, Steve Schmidt was given full operational control of McCain's campaign. Schmidt had managed Arnold Schwarzenegger's 2006 re-election and was a top Dick Cheney aide.
Monopolistic competition. The model of monopolistic competition describes a common market structure in which firms have many competitors, but each one sells a slightly different product.
After completing this chapter, students should be able to: List the characteristics of monopolistic competition. Explain how product differentiation occurs in similar products. Determine the profitmaximizing price and output level for a monopolistic competitor in the short run when given cost and demand data. Explain why a monopolistic competitor will realize only normal profit in the long run.