In what ways is a monopolistically competitive market like competition? Firms all sell their goods at...

 

  

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In what ways is a monopolistically competitive market like competition? Firms all sell their goods at a single market-clearing price. There exist many firms in the market, and more firms can enter easily. Firms can only compete on price; they cannot compete on product differentiation. Firms compete "for the market" rather than "in the market". b. Which of the outcomes of monopolistically competitive markets is a direct result of its monopoly-like features? Firms charge a price for their goods that is above the marginal cost of producing another unit of output. Firms charge a price for their goods that is equal to the average cost of producing a unit of output. Firms carn positive long-run profits. O Firms produce an efficient level of output. Which outcome is a result of its competitive features? Firms earn positive long-run profits. Firms charge a price for their goods that is equal to the average cost of producing a unit of output. Firms charge a price for their goods that is above the marginal cost of producing another unit of output. In what ways is a monopolistically competitive market like competition? Firms all sell their goods at a single market-clearing price. There exist many firms in the market, and more firms can enter easily. Firms can only compete on price; they cannot compete on product differentiation. Firms compete "for the market" rather than "in the market". b. Which of the outcomes of monopolistically competitive markets is a direct result of its monopoly-like features? Firms charge a price for their goods that is above the marginal cost of producing another unit of output. Firms charge a price for their goods that is equal to the average cost of producing a unit of output. Firms carn positive long-run profits. O Firms produce an efficient level of output. Which outcome is a result of its competitive features? Firms earn positive long-run profits. Firms charge a price for their goods that is equal to the average cost of producing a unit of output. Firms charge a price for their goods that is above the marginal cost of producing another unit of output.

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1 Monopolistic competition is imperfect as products sold by producers are d... View the full answer