Under monopolistic competition,firms have prices ________ marginal cost and long-run profits that are ________ (net of fixed costs).

Name: Under monopolistic competition,firms have prices ________ marginal cost and long-run profits that are ________ (net of fixed costs).
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In monopolistic competition, firms have some power to set prices above marginal cost due to product differentiation, but in the long run, the entry of new firms erodes profits, leading them to be close to zero.

Under Monopolistic Competition,firms Have Prices ________ Marginal Cost and Long-Run