Florists in the town of Minerva, Illinois, operate in a monopolistically competitive market. The price in long-run equilibrium for a flower shop is _, and output is _, than would be the case for a perfectly competitive firm with an identical production function and cost curves.

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29-04-2022
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Florists in the town of Minerva, Illinois, operate in a monopolistically competitive market. The price in long-run equilibrium for a flower shop is _, and output is _, than would be the case for a perfectly competitive firm with an identical production function and cost curves.

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gauravsingh23VT gauravsingh23VT · Answer 1 · 2022-05-10T14:57:43+02:00

In a monopolistically competitive market, The price in long-run equilibrium for a flower shop is higher, and output is lower, than would be the case for a perfectly competitive firm with an identical production function and cost curves.

What is monopolistically competitive market?

A monopolistic industry is one in which numerous businesses compete for the same products or services.

Entry and exit barriers are low in a monopolistic competitive industry, and one firm's decisions have little impact on its competitors.

Thus, it higher and lower.

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Florists in the town of Minerva, Illinois, operate in a monopolistically competitive market. The price in long-run equilibrium for a flower shop is _____, and output is _____, than would be the case for a perfectly competitive firm with an identical production function and cost curves.

Respuesta :

What is monopolistically competitive market?

Otras preguntas

Florists in the town of Minerva, Illinois, operate in a monopolistically competitive market. The price in long-run equilibrium for a flower shop is _, and output is _, than would be the case for a perfectly competitive firm with an identical production function and cost curves.