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Monopolistic price but not to monopolistic profits

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Reference no: EM131850826

Critically evaluate and explain:

a. In monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.

b. In the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits.

Reference no: EM131850826

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