Wednesday 25 June 2014
Monopolistically competitive firm and how it relates to competitve firm and monopoly firm.........
. Describe the three attributes of monopolistic competition. How is
monopolistic competition like monopoly? How is it like perfect
competition? 2. Draw a diagram depicting a firm in a monopolistically
competitive market that is making profits. Now show what happens to this
firm as new firms enter the industry. 3. Draw a diagram of the long-run
equilibrium in a monopolistically competitive market. How is price
related to average total cost? How is price related to marginal cost?
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