Monopolistic Competition
AP Microeconomics · Flashcards
AP MICROECONOMICS · FLASHCARDS
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QUESTION
What happens to economic profits in the long run in monopolistic competition?
QUESTION
What is the role of advertising in monopolistic competition?
QUESTION
What is the relationship between MR and D in monopolistic competition?
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ANSWER
M
R
<
D
MR < D
M
R
<
D
. Downward-sloping demand makes marginal revenue less than price.
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