Long-run equilibrium in monopolistically

Reference no: EM133644013

Question

1. Draw a diagram to show the long-run equilibrium in a monopolistically competitive market and explain what you draw.

2. How does this equilibrium differ from that in a perfectly competitive market? Draw a diagram of the long-run equilibrium of a firm in a perfectly competitive market to compare with your equilibrium in b) above.

Reference no: EM133644013

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