Due to Free Entry and Exit in Monopolistic Competition, in the Long

question 236

Short Answer

Due to free entry and exit in monopolistic competition, in the long run price must be equal to

---

Definitions:

Minimax Strategy

In relating to others, we try to minimise the costs and maximise the rewards that accrue.

Maternal Deprivation

A theory that suggests the lack of an attachment figure, especially a mother, during childhood, can lead to long-term cognitive, social, and emotional difficulties.

Spitz

The name of a psychologist, René Spitz, known for his research on the effects of deprivation of emotional nurturance on infants.

Social Deficiencies

Lacks or shortcomings in one's ability to perform in social settings or maintain successful social relationships.