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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

If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?

To determine

Would you expect the monopolistically competitive firm to continue operating in the long run if it is earning economic profits or losses in the short run?

Explanation

Monopolistic Competition: is a kind of imperfect competition where there are large number of producers each sell differentiated products and there is freedom of entry and exit in the long run.

In case the firms in a monopolistically competitive industry are earning economic profits, this...

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