Use a Diagram to Explain Why a Monopolistically Competitive Industry

question 143

Essay

Use a diagram to explain why a monopolistically competitive industry is not as efficient as a competitive industry, even though firms do not earn an economic profit when their industries are in long-run equilibrium.

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Definitions:

Top-Level Domains

The highest level of domain names in the hierarchy of the Domain Name System (DNS), found after the last dot in a web address, examples include .com, .org, and .net.

.edu

Denotes an internet domain used by educational institutions, primarily located in the United States.

.gov

A top-level domain used exclusively for websites of the United States federal government or government entities.

.net

A software framework developed by Microsoft that supports the development and execution of applications, primarily for Windows.