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Econ 1B03: Monopolistic Competition questions and answers
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Econ 1B03: Monopolistic Competition questions and answers
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1-27 of 27Why is monopolistic competition socially inefficient?
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> number of firms in market may not be ideal
> there might be too much or too little entry
> may be externalities
, Where does a monopolistically competitive market operate?
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On the downward-sloping portion of the ATC curve
What do defenders of advertising and brand names argue?
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That firms use them to inform consumers and to compete more vigorously
on price and product quality
Similar to a competitive market...
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P = ATC in LR equilibrium
Free entry and exit drive economic profit to 0
In the long run, firms resemble
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perfect competition
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