4. Compare the long-run equilibrium of a competitive firm with that of a monopolistically competitive firm with

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4. Compare the long-run equilibrium of a competitive firm with that of a monopolistically competitive firm with the same cost structure. Why is the long-run price different in these two models? Which type of firm operates at a minimum cost? Draw a diagram and explain.

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Divya Gupta

I started studying economics in my school days. I realised, I enjoy analysing things connected to the society and mother nature. Since my childhood days, I have witnessed my family focusing upon the correct utilization of household items and guiding towards understanding the value of the available resources and their proper utilization. I beleive, this somehow further boosted my interest towards Economics as a career option. For me Economics is all about making right decision at the right time and studying the possible outcomes. I have an analytical approach towards things I do. I beleive, that help me to understand a wide range of issue from what determines the price, causes and consequences. The journey of my teaching was started when I was in my graduation, during that days I used to help one of my junior who was in the 1st year and I was in my final year. I helped him in learning about the basics and clear all his doubts by relating with the real life examples. In my master's day also I used to give home tuitions. I make them understand how to learn and not only what to learn. I teach commitment and hardwork such that it makes one capable of believing in themselves and doing anything they want to do. I also genuinely enjoy sharing my knowledge with people. Being a teacher allow me to be a student for life. As I love teaching and i love learning. I love helping other people learn. Teaching provides me a way to know that i am making a positive changes into some one's future.

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