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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Make a case for why monopolistically competitive industries never reach long-run equilibrium.

To determine

Reasons why monopolistic industries never reach long -run equilibrium.

Explanation

The firm which has strong brand recognition and has loyal customers never reaches long-run equilibrium. In the case : toothpaste (Colgate) and medicine, the customer for these products is loyal. However, in monopolistic competition, every firm is different. Each is selling a product with the same usage but with different characteristics. The product can vary in style, size, shape, quantity, and quality...

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