MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 14, Problem 22QE
To determine

The obstacles to earn economic profit by a monopolistic competitor.

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These two cases provide examples of markets that are characterized neither as perfect competition nor monopoly. Instead, these firms are competing in market structures that lie between the extremes of monopoly and perfect competition. How do they behave? Why do they exist?
What does it mean there is a low barrier to entry(low entry barriers) to perfect competition? what is meant by short-run, and long-run in market structure?
You observed that in the long run, a profit-maximizing firm chose to exit a market. What can you infer about the profits of this firm?
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