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What is the main characteristic of a monopolistically competitive market different from a perfectly competitive market?...

What is the main characteristic of a monopolistically competitive market different from a perfectly competitive market? Discuss the important implications of this difference for a monopolistically competitive firm’s demand (i.e., in regards to its price elasticity or price-cost margin, and the number of consumers), and for its short-run and long-run profits.

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Rahul Sunny answered 8 months ago
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