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Monopolistic CompetitionMonopolistic competition

is the

Question

Monopolistic Competition

Monopolistic competition is the

most common market structure in industrialized countries, characterized by many sellers, with each selling a differentiated product in a market that is relatively easy to enter.

Consider the following four questions:

INC LAC
Cost and Revenue
P
AR
MIN
Excess Capacity
MK Ourput
Fig. 28.11. Excess Capacity under Mono-
polistic Competition
LMC
LAC
Cost and Revenue
AR – MR
N
Output
Fig. 28.12. Ideal or Socially…
Economics