In the long run, a monopolistically competitive firm earns small economic profits.
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Q25: An oligopoly is a market in which
Q26: Society benefits from monopolistic competition because the
Q27: Excess capacity and inefficiency result under monopolistic
Q28: An oligopoly can be characterized by production
Q29: The entry of new firms into a
Q31: Advertising never makes sense for an oligopolistic
Q32: When comparing industries, a monopolistically competitive industry
Q33: Since firms in both monopolistic competition and
Q34: Society definitely benefits by reducing the number
Q35: Oligopolists seldom change prices, because they don't
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