In monopolistic competition as well as in monopoly

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Reference no: EM13685279

In monopolistic competition as well as in monopoly,

1. Entry and exit by firms are unrestricted.

2. There are at most a few firms in each market.

3. Price exceeds marginal revenue for each firm.

4. Profit is zero in a long-run equilibrium for each firm.

Reference no: EM13685279

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