The graphs for monopoly and monopolistic competition appear quite similar, but the details of each of...
The graphs for monopoly and monopolistic competition appear quite similar, but the details of each of these graphs are different. What is the primary distinction between these two graphs?
Homework Answers
The demand curve for the monopoly is steeper and for the monopolistic competitive it is flatter.
Other difference is in the long-run for monopolistically competitive firm price=ATC so it earns zero economic profit.
But monopoly may have price > ATC in the long run.
In short in the long run for monopolistically competitive firm ATC curve touches the demand curve. But for monopoly it not be case.
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