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What happens in a monopolistically competitive market when new firms enter the market?The entry of other firms into the same general market shifts the demand curve faced by a monopolistically competitive firm. As more firms enter the market, the quantity demanded at a given price for any particular firm will decline, and the firm's perceived demand curve will shift to the left.
Can a monopolistically competitive firm earn economic profit in the long run?Companies in a monopolistic competition make economic profits in the short run, but in the long run, they make zero economic profit.
When a monopolistically competitive firm produces the profit maximizing amount of output?In a monopolistically competitive market, the rule for maximizing profit is to set MR = MC—and price is higher than marginal revenue, not equal to it because the demand curve is downward sloping.
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