In monopolistic competition as well as in monopoly1 entry, Ask an Expert

Economics

In monopolistic competition as well as in monopoly,

1. Entry and exit by firms are unrestricted.

2. There are at most a few firms in each market.

3. Price exceeds marginal revenue for each firm.

4. Profit is zero in a long-run equilibrium for each firm.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91225001

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