petersondiontaeal82536Lv1

15 Feb 2023

 

Compare the characteristics of monopolistic competition (MC) and oligopoly (O) based on the following:

Questions:

1. Barriers to entry.

2. Profit in the long-run.

3. Shape of demand curve.

4. The relationship between P and MR (P is equal, below, or above MR).

5. The ATC point at profit maximising output (minimum ATC or not minimum ATC).