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Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by
Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.
Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.
Attributes | Competitive Market | Monopolistically Competitive Market | |
---|---|---|---|
Zero profit in the long run | |||
Identical products | |||
Price is equal to marginal revenue | |||
Few sellers |
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