Long-run equilibrium in monopolistic competition is characterized by which of the following? (There may be more...
Long-run equilibrium in monopolistic competition is characterized by which of the following? (There may be more than one correct answer.)
| a. |
Excess capacity |
|
| b. |
Monopoly profits as a result of collusion |
|
| c. |
Zero profits |
|
| d. |
More profits than under perfect competition but less than under monopoly |
|
| e. |
P = MC |
Homework Answers
D) More profits than the under perfect market but less than under monopoly.
Even though more firms in the monopolistic market firm has some control over the price due product differentiate and consumers prefer the firm unable make supernormal profits compare to monopoly firm due to competitors.
Thus the firm under monopolistic market makes the normal profit by controlling the supply and fixing the competitive price.
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