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kyaramarie318 kyaramarie318
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A year ago
In long-run equilibrium, a monopolistically competitive industry is characterized by

▸ positive profits for all firms in the industry.

▸ all firms operating at the minimum point of their long-run average cost curves.

▸ zero profits for all firms in the industry.

▸ a perfectly elastic demand curve facing each firm in the industry.

▸ positive profits as a result of barriers to entry.
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Microeconomics

Microeconomics


Edition: 17th
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duhelloduhello
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