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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Price cross-elasticity of demand measures the virtual responsiveness of the quantity sold of a specified good to a change in the: (w) price of which good. (x) individual's income. (y) sales of another good. (z) price of another good. Discover Q & A Leading Solution Library Avail More Than 1412251 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1955429 Asked 3,689 Active Tutors 1412251 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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