question archive Why doesn't a monopolistically competitive firm produce where P=MC, as a perfectly competitive firm does? What are the differences between the long-run equilibrium of a perfectly competitive firm and the long-run equilibrium of a monopolistically competitive firm?
Subject:EconomicsPrice: Bought3
Why doesn't a monopolistically competitive firm produce where P=MC, as a perfectly competitive firm does? What are the differences between the long-run equilibrium of a perfectly competitive firm and the long-run equilibrium of a monopolistically competitive firm?