Why demand curve face monopolistically competition
Why is demand curve facing a monopolistically competitive firm probable to be very elastic?
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Answer: This is because the products generated by monopolistically competitive firms are close substitutes to one other. When products are close substitutes to one other the elasticity of demand is high, that is what makes the firm’s demand curve (that is, under monopolistic competition) much elastic.
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I have a problem in economics on Founder of Utilitarianism. Please help me in the following question. The utilitarianism founder in England was: (i) Rupert Brooke. (ii) Jeremy Bentham. (iii) Thomas Dewey. (iv) John Stuart Mill. (v) Adam Smith. Discover Q & A Leading Solution Library Avail More Than 1444638 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1941348 Asked 3,689 Active Tutors 1444638 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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