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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Draw a diagram depicting a firm that is making a profit in a monopolistically competitive market. Now show what happens to this firm as new firms enter the industry.

To determine
Profit ina monopolistically competitive market.

Explanation

Figure 1 illustrates the market equilibrium in the monopolistic industry.

Figure 1

Figure 1 depicts the profit in a monopolistically competitive market. The horizontal axis in Figure 1 represents the quantity of output and the vertical axis represents price, costs, and revenue of the firm. The firm’s demand curve is represented as D1 and marginal revenue curve as MR1...

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