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plumcamel125Lv1
28 Sep 2019
1.Why is it that firms can earn profits in the long run inmonopoly and oligopoly but not in monopolistic competition andperfect competition?
2. As an industry moves from being a monopoly to a monopolisticallycompetitive one (due to the entry of new competitors as themonopoly's patents expire, for example), what happens to theelasticity of the demand curve facing the firm? Why?
1.Why is it that firms can earn profits in the long run inmonopoly and oligopoly but not in monopolistic competition andperfect competition?
2. As an industry moves from being a monopoly to a monopolisticallycompetitive one (due to the entry of new competitors as themonopoly's patents expire, for example), what happens to theelasticity of the demand curve facing the firm? Why?
syedazmath1627Lv10
3 Feb 2023
Kritika KrishnakumarLv10
28 Sep 2019
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