Answered: f a monopolistically competitive firm…

f a monopolistically competitive firm is earning positive economic profit in the short run, then new firms enter the market in the long run and its demand curve

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 16E

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Question

If a monopolistically competitive firm is earning positive economic profit in the short run, then new firms enter the market in the long run and its demand curve

shifts to the right
stays the sam
shifts to the left
None of the other answers are correct.
Previous

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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