hat are the “monopolistic” and the “competitive” elements of monopolistic compet

Question

hat are the “monopolistic” and the “competitive” elements of monopolistic competition?

Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers.

Similar to a monopoly, a monopolistic competitor:

Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers.

Similar to a perfect competitor, a monopolistic competitor:

makes economic profits in the long run. has one seller. produces where P > MR = MC. faces high barriers to entry. can make profits or losses in the short run. can restrict output to increase price (at least in the short run). faces a downward-sloping demand curve.

Explanation / Answer

Ans.1.faces a downward sloping demand curve,produces where p> MC= MC

Ans.2 makes zero economic profit in the long run,has many sellers,faces a perfectly elastic demand curve

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