Short run production function under monopolistic competition
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Short-Run Profit or Loss
In the short run, a monopolistically competitive firm maximizes profit or minimizes losses by producing that quantity that corresponds to when marginal revenue = marginal cost. If average total cost is below the market price, then the firm will earn an economic profit.
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short run refer to a period in which output can be changing only variable factors and monopolistic com. a market situation in which are large no. of firms which sell closely relates but differentitaed products.
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