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blondinia [14]
3 years ago
12

Monopolistic competition is characterized by excess capacity because: firms are always profitable in the long run firms charge a

price that is greater than marginal cost firms produce at an output level less than the least-cost output the demand for a product is perfectly elastic in this type of industry
Business
1 answer:
raketka [301]3 years ago
8 0
Demand for a product is perfectly elastic in this type of industry. Monopolistic competition occurs whereby the market is made up of many consumers and many producers and the product/service offered by the producers is differentiated. In this case, the producers are price makers as they posses significant pricing power. One key characteristic across the board is that since a similar range of products is being offered, demand is highly elastic and can easily shift based on small changes made by the producer.
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The correct statement lies in option C.

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Explanation:

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  • Monopoly can result to higher prices of the good, also known as price taker as there is no other enterprise which can supply the same good.
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The amount realized is the fair market value and the sum of any money received at the sale of an asset.

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In this case,

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