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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Will there be profits in the long run in a monopolistically competitive market? Explain your answer.

To determine

Explain the long-run profit in the monopolistically competitive market.

Explanation

In the long-run, the monopolistically competitive firm earns zero economic profit because of no barriers to enter a new firm. An increase in the number of firms in the market will result in an increase in competition among the firms...

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