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Q1. List out the four assumptions for the Monopolistic competition model?

Q2. Draw a diagram which shows a representative firm in a monopolistically competitive market which is experiencing short-run economic profits. Label the regions that represent the total revenue, total costs and the profit. (For simplicity, only draw the average total cost curve; you require not draw the average variable cost curve.)

Q3. Now describe how the market will adjust in the long run and draw a corresponding graph for the representative firm in long run. (Describe your answer).

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M910027

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