Why demand curve face monopolistically competition
Why is demand curve facing a monopolistically competitive firm probable to be very elastic?
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Answer: This is because the products generated by monopolistically competitive firms are close substitutes to one other. When products are close substitutes to one other the elasticity of demand is high, that is what makes the firm’s demand curve (that is, under monopolistic competition) much elastic.
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An import tariff on Japanese cars of ac generates government revenue equivalent to: (w) trapezoid bcde. (x) rectangle P1to P2ca. (y) distance Q0 to Q1. (z) rectangle 0P2dQ2. Discover Q & A Leading Solution Library Avail More Than 1457140 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1939741 Asked 3,689 Active Tutors 1457140 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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