Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. Figure 15.2
-Refer to Figure 15.2. In this monopolistically competitive industry, in the long run

Question

Refer to the information provided in Figure 15.2 below to answer the question(s) that follow.  Figure 15.2
-Refer to Figure 15.2. In this monopolistically competitive industry, in the long run

Quizplus · Accepted Answer

In a monopolistically competitive market, firms will enter the market when there are economic profits, leading to increased competition. This process continues until the economic profits are eroded away, leaving firms to earn just a normal profit in the long run.

Refer to the Information Provided in Figure 15