Examlex
Is it true that in the long run,a monopolistically competitive firm has market power but earns no profit? Explain.
Relatively Inelastic
Describes a situation where the demand for a good or service changes by a smaller percentage than changes in its price.
Deadweight Loss
A situation where inefficiency in the market leads to a loss of total social welfare, typified by a gap between the supply and demand curves.
Relatively Elastic
Describes a situation where the demand or supply for a good or service significantly changes in response to changes in price.
Elastic Supply
A situation in which the supply of a good or service changes significantly in response to changes in price.
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