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Problem

You are hired as a consultant to a monopolistical…
15:28

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Problem 4 Medium Difficulty

For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically
competitive firm, both, or neither.
a. faces a downward-sloping demand curve
b. has marginal revenue less than price
c. faces the entry of new firms selling similar products
d. earns economic profit in the long run
e. equates marginal revenue and marginal cost
f. produces the socially efficient quantity of output

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Principles of Economics

Chapter 16

Monopolistic Competition

Related Topics

How Markets Work

Markets and Welfare

Firm Behavior and the Organization of Industry

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Video Transcript

so we know that, uh, part a describes a monopolistic lee competitive from so competitive firm Heart be describes also monopolistic Lee Competitive firm heart see is, uh, both party is neither party again is both And art is perfect competition. So perfect competition.

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