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- If the price is less than actual total cost for a monopolistic competitive firm, does the firm make a profit, loss, or break-even?In the long run, monopolistically competitive firms produce a level of output such that:If the price is greater than Actual total cost, does the monopolistic firm makes a profit, loss, or break-even?
- Monopolistically competitive firms could increase the quantity they produce and potentially lower the average total cost of production. Why don't they do so?Is the outcome in a monopolistically competitive market desirable from the standpoint of society? Can the government improve on the market outcome?When a monopolistically competitive firm increase price, good and bad things happen. Which of the following is considered a good thing for the firm?
