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Department
Economics
Course
Economics 1021A/B
Professor
Prof
Semester
Winter

Description
CHAPTER 14: What Is Monopolistic Competition?:  Monopolistic competition occurs when a large number of firms compete with each other on product quality, price, and marketing. Price and Output in Monopolistic Competition:  Each firm in monopolistic competition faces a downward-sloping demand curve and produces the profit-maximizing quantity.  Entry and exit result in zero economic profit and excess capacity in long- run equilibrium.
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