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Microeconomics 20th Edition by Campbell McConnell, Stanley Brue,Sean Flynn
Edition 20ISBN: 978-0077660819Microeconomics 20th Edition by Campbell McConnell, Stanley Brue,Sean Flynn
Edition 20ISBN: 978-0077660819 Exercise 5
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.
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.
Explanation
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a) In monopolistic competition, neither ...
Microeconomics 20th Edition by Campbell McConnell, Stanley Brue,Sean Flynn
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