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By diagram explanations of Monopolistic competition market structure, the long run equilibirium under the Marginal Revenue & Cost approach

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 1QFR

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By diagram explanations of Monopolistic competition market structure, the long run equilibirium under the Marginal Revenue & Cost approach

Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

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