Monopolies in that monopolistically competitive industries

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Monopolistically competitive industries differ from monopolies in that monopolistically competitive industries:

will feature free entry and exit of firms from the industry in the short-run.

involves many firms, each of whom has some ability to change the market price by changing its level of output.

involve many firms, each of whom have no power to change the market price with their output decisions.

will feature free entry and exit of firms from the industry in the long-run.

Reference no: EM131101577

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