in long-run equilibrium, a profit-maximizing firm in a monopolistically competitive industry will produce the quantity of output where

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10-11-2022
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in long-run equilibrium, a profit-maximizing firm in a monopolistically competitive industry will produce the quantity of output where

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anamta123ahmed anamta123ahmed · Answer 1 · 2022-11-15T14:24:51+01:00

In the long-run, a monopolistic competitive firm produces and maximizes profits at the point where MR=MC and P=ATC.

Monopolistic competition exists while many organizations offer competing products or services which can be comparable, but not ideal, substitutes. The boundaries to access in a monopolistic aggressive industry are low, and the choices of anybody firm do not at once have an effect on its competitors.

Monopolistic competition is a form of imperfect opposition such that there are numerous manufacturers competing against each other, however promoting merchandise which might be differentiated from each other and consequently are not perfect substitutes.

The 4 situations to monopolistic competition are a large wide variety of firms, comparable but now not flawlessly substitutable products, low barriers to access, and much less than perfect facts.

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