5. Critically evaluate and explain: LO2 a. In monopolistically competitive industries, economic profits are competed away in

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5. Critically evaluate and explain: LO2

a. In monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.

b. In the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits.

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Economics Principles Problems And Policies

ISBN: 9780073511443

19th Edition

Authors: Campbell Mcconnell ,Stanley Brue ,Sean Flynn

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Question Posted: Sep 28, 2024 02:00 AM

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5. Critically evaluate and explain: LO2 a. In monopolistically competitive industries, economic profits are competed away in

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Economics Principles Problems And Policies

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