Examlex
In monopolistic competition,there are ________ barriers to entry and so firms in monopolistic competition ________ earn an economic profit in the long run.
Equilibrium Quantity
The level of goods or services supplied matches the consumer demand at the price which establishes market equilibrium.
Preset Price
refers to a price that is established in advance and does not change in response to market conditions or negotiation.
Price Ceiling
A legal maximum price set by the government on certain goods and services to prevent prices from becoming too high.
Price Floor
A government- or authority-imposed minimum price that can be charged for a good or service, typically set above the equilibrium price to aid producers.
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