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Monopolistically competitive model

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The monopolistically competitive model also predicts that while firms can earn positive economic profits in the short run, entry of new firms will shift the demand curve facing each firm to the left and economic profits will fall toward zero. Some firms will exit as competitors win customers away from them.

Can you provide a current example of where there were so many new entrants, and a specific number of closings because of the above comment?

Reference no: EM132153277

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