Distinguish Between a Perfectly Competitive Firm and a Monopolistically Competitive

question 191

Essay

Distinguish between a perfectly competitive firm and a monopolistically competitive firm on the basis of the long-run equilibrium price.

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Definitions:

Value Chain

A model that describes the full range of activities needed to create a product or service, from initial conception to final use and beyond.

Productivity Increased

A measure indicating an enhancement in the efficiency of production, often resulting in more output with the same amount of input.

Materials Flow In

Refers to the movement of raw materials into an organization for production or manufacturing processes.

Sustainable Supply Chain

A supply chain designed to minimize environmental impact and promote social and economic benefits throughout its lifecycle.