ECO100Y1 Lecture Notes - Marginal Cost
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In a monopolistic competition as well as in monopoly,
Answer:
a. |
there are at most a few firms in each market. |
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b. |
profit is zero in a long-run equilibrium for each firm. |
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c. |
price exceeds marginal revenue for each firm. |
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d. |
entry and exit by firms are unrestricted. |