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Answer to Question #75839 in Microeconomics for jess

Question #75839


A monopolistic competitor is like a perfectly competitive firm in the long run because:
Expert's answer
A monopolistic competitor is like a perfectly competitive firm in the long run because new companies can enter the market. The economic profit in a short-run attracts more firms to join the monopolistic competition. Moreover, monopolistic competition has no barriers for the entrance of new entities compared to the perfect monopoly.

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