Under monopolistic competition, as new firms enter the market (in the long run), the demand each firm faces shifts to the _____ and becomes more…
Under monopolistic competition, as new firms enter the market (in the long run), the demand each firm faces shifts to the _____ and becomes more _____ . In the long run equilibrium (when such entry or exit stops), a typical marginal firm (that is on the margin of entry or exit) earns $ _____ profits. However, it is possible that firms with lower cost or _____ products may earn positive profits even in the long run.
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