Suppose that a perfectly competitive firm finds a way to differentiate its product and become a monopolistically
Question:
Suppose that a perfectly competitive firm finds a way to differentiate its product and become a monopolistically competitive firm.
a. Explain how the graph showing the firm’s demand, marginal revenue, and cost curves would change as a result. Be sure to mention whether anything happens to each curve.
b. Explain whether you think this firm would be earning a profit in its new position as a monopolistically competitive firm.
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a The cost curves would stay the same but the demand curve would b...View the full answer
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