How do long-run profits compare for the two types of firms?

(Monopolistic Competition and Perfect Competition Compared) Illustrated below are the marginal cost Show more (Monopolistic Competition and Perfect Competition Compared) Illustrated below are the marginal cost and average total cost curves for small firm that is in long-run equilibrium. a. Locate the long-run equlibrium price and quantity if the firm is perfectly competitive. b. Lable the price and quantity p1 and q1 c. Draw in a demand and marginal revenue curve to illustrate long-run equlilibrum if the firm is monopolistically competitive. Label the price and quantity p2 and q2 d. How do the monopolistically competitive firms price and output compare those of the perfectly competitive frim? e. How do long-run profits compare for the two types of firms? Show less

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