Engineering, 07.11.2019 07:31 hollie52
"if firms in a monopolistically competitive industry are earning economic profits, new firms will enter the industry. eventually, the representative firm will find its demand curve has shifted to the left, until it is just tangent to its average cost curve and it is earning zero profit. because firms are earning zero profit at that point, some firms will leave the industry, and the representative firm will find its demand curve will shift to the right. in long-run equilibrium, price will be above average total cost by just enough so that each firm is just breaking even." is the analysis correct or incorrect?
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