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Economic profit in the short-run and in the long run

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1. In a monopolistically competitive market, can firms earn economic profit in the short-run and in the long run? Explain.

2. How does a monopolistically competitive firm decide how much to sell and at what price?

3. Does a monopolistic competitive firm produce the most efficient level of output? Should government regulate such firms?

4. Why is the pricing decision of an oligopolist more complicated than it is for firms in the other market structures?

5. If a group of sellers could form a cartel, what quantity and price would they try to set?

Reference no: EM131596497

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