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Answer to Question #275623 in Macroeconomics for Curve

Question #275623

There are many hotel businesses in the Philippines that operate in a monopolistically competitive market. To what rent would a perfectly competitive market be more efficient than a monopolistically competitive market? illustrate ur answer with an appropriate diagram(s) (20m)

1
Expert's answer
2021-12-05T18:59:56-0500

The limiting condition for maximizing profits is such a volume of output at which the price is equal to the marginal costs.





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