a. what are the characteristics of monopolistic competition b. graph the long ru

Question

a. what are the characteristics of monopolistic competition

b. graph the long run profit position for the monoplistically competitive firm

c. what is excess capacity and how is it manifested in the monoplistically competitive firm's graph

d. why is the monopolistic competition firm productively and allocatively inefficient?

e. identify the 3 criteria for establishing whether or not a firm is equatable and efficient

f.      Compare Perfect competition and Monopoly on the same graph and identify how monopoly does not conform to these criteria

g. graph the profit maximizing level of output for a natural monopllist at the fair price and socially optimal price

Explanation / Answer

What are the characteristics of monopolistic competition

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