Question

Define monopolistic market.

Answer 1

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A monopolistic market is a theoretical construct that describes a market where only one company may offer products and services to the public. In a purely monopolistic model, the monopoly firm can restrict output, raise prices, and enjoy super-normal profits in the long run.

Answer 2

All firms in monopolistic competition have the same, relatively low degree of market power; they are all price makers. In the long run, demand is highly elastic, meaning that it is sensitive to price changes. In the short run, economic profit is positive, but it approaches zero in the long run...

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