In Long-Run Equilibrium in Both Perfect Competition and Monopolistic Competition

question 16

Essay

In long-run equilibrium in both perfect competition and monopolistic competition there is zero economic profit and yet the two cases are not identical. What is the key difference between them?

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Definitions:

Integrator Role

A position or function within an organization tasked with combining inputs, processes, or strategies from different sources or departments to ensure cohesiveness and effective functioning.

Coordinating Role

A function in management and organizations involving the integration and organization of group efforts and resources to ensure tasks are harmoniously executed towards achieving a common goal.

Standardization of Work Processes

The establishment of consistent procedures and criteria across an organization to improve efficiency and quality.

Geographic Divisions

Organizational structure where operations are segmented based on geographic locations or territories to streamline management and operations.