Suppose some firms exit an industry characterized by monopolistic competition. we would expect the demand curve of a firm already in the industry to___________.

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25-07-2022
Business

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Suppose some firms exit an industry characterized by monopolistic competition. we would expect the demand curve of a firm already in the industry to___________.

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vipinkumar69547 vipinkumar69547 · Answer 1 · 2022-08-05T07:37:56+02:00

Some firms exit an industry characterized by monopolistic competition. we would expect the demand curve of a firm already in the industry to be the right.

Monopolistic competition

In a market where entry and exit are simple, monopolistic competition is characterized by a large number of businesses producing comparable but differentiating goods.

Due to the downward-sloping demand curve that monopolistically competitive firms must contend with, their marginal revenue curve is also downward-sloping and rests below the demand curve. Thus, to examine a monopsony's short-term decisions, we can use the monopoly model that we have already created.

To learn more about the demand curve refer here:

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