Assume firms in the short run are earning above-normal profits. Explain what will happen to these profits in the long run for the following markets:  Pure monopoly  Oligopoly  Monopolistic competition  Perfect competition

Q: Explain the difference between Pure Competition and Pure Monopoly Market!

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Q: In the model of monopolistic competition, we say that there is product differentiation. What does…

A: PLEASE FIND THE ANSWER BELOW.

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Q: How does the model of monopolistic competition studied in lectures differ from perfect competition?…

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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Q: A market consisting of many sellers who sell similar but not identical products is an example of…

A: Market structure are of different forms each having its own set of features and characteristics.…

Q: which situation at the following, _______ is the market dominated by only one seller/company?…

A: Types of market structures  Perfect Competiton Monopolistic Competition Oligopoly Monopoly  The…

Q: What are the Characteristics of a Monopolistic Competition Market?   What are the Characteristics of…

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Q: Which of the following is not true? O Monopolistic competition and perfect competitive markets do…

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Q: A firm's influence over the price of the good produced in monopoly, oligopoly, monopolistic…

A: The monopoly has an impact on the pricing of commodities. A monopoly's price is the market price,…

Q: A market consisting of many sellers who sell similar but not identical products is an example…

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A: Monopolistic competition is a business market with plenty of companies. They sell items that are…