Answer to Question #132259 in Microeconomics for Neba

Question #132259

from demand curve of monopolistic competition and monopolistic firm, which one is price elastic

Expert's answer

A monopolistic competition is an industry in which there are more than few firms which offers a product that according to consumers its different from that of the rival firm.Since the product is differentiated the firm demand curve slopes downward.Also its demand curve is more elastic than that of a monopolist since the monopolistic competitive environment has less control over the prices charged

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Neba

10.09.20, 09:16

Thanks

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