Asked by Shatha Zaghloul on Jun 05, 2024
Verified
Economic profits are competed away in the long run for a monopolistic competitor because of the absence of significant ______________________.
Significant Barriers
Major obstacles or impediments that prevent new competitors from easily entering an industry or area of business.
Economic Profits
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, resulting in surplus gain.
- Evaluate the long-standing economic outcomes for companies engaged in monopolistic competition, considering the importance of economic profits and losses.
Verified Answer
HM
Learning Objectives
- Evaluate the long-standing economic outcomes for companies engaged in monopolistic competition, considering the importance of economic profits and losses.
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