In the long-run, profits will exist for firms in monopolistically competitive firms but not monopoly.
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Q12: If total explicit costs are equal to
Q13: Graphically, to find the profit-maximizing price for
Q14: Because its market share is insignificant, a
Q15: The demand curve facing a firm in
Q16: In the short-run, profits will only exist
Q18: In perfect competition, the long-run outcome is
Q19: Economists agree that large firms with big
Q20: A monopolist's goal is to maximize profit.
Q21: Without product differentiation, it would be very
Q22: According to Alfred Marshall, small firms produce
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