Make a tabular statement comparing and contrasting the conditions and results of (1) Perfect Competition (2) Pure Monopoly and (3) Monopolistic Competition in the short-run and long-run.
Profit-maximizing in the following cases;
1. perfect competition
In the long run, the price is equal to minimum long-run average costs.
the profit-maximizing condition is MR=MC and monopoly power is P-MC/MC
3. monopolistic competition
In the short run, set price where MR=MC where as in the long run price equals the minimum level of average costs.
price is determined similarly to a Cournot model with n number of firms at least a duopoly.
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