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- Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run.In the long run, monopolistically competitive firms will charge priceWhy do monopolistically competitive firms spend funds for the product development and advertising when this practice only adds to the firm’s costs?
- What will be the economic profit or loss for this monopolistically competitive firm at the profit-maximizing level of output?Why would a monopolistically competitive firm advertise?Your friend Stan owns a coffee shop in a monopolistically competitive industry. One day, Stan tells you (an economist) that he is earning an economic profit and is setting his price equal to his marginal cost. Is Stan producing the profit-maximizing amount of coffee? What should he do?
- If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?true or false Consumers are generally worse off under competitive markets than under monopolistic marketsWhich form is a monopolistic competitor operating in the long run?