Describe How the Balance-Of-Power Method Worked to Bring Order to International

question 54

Essay

Describe how the balance-of-power method worked to bring order to international relations during the nineteenth century.

Analyze the impact of the number of firms and product differentiation degree on the market.

Examine the conditions under which monopolistically competitive firms realize profits or losses in the short and long run.

Discuss the concept of excess capacity and its implications for monopolistically competitive firms.

Understand the long-run equilibrium condition for monopolistically competitive firms in terms of profits and economic efficiency.