Problem
1. Contrast the market equilibria in Betrand competition with identical products and with differentiated products.
2. What are the characteristics of a monopolistically competitive firm?
3. When will firms enter a monopolistically competitive industry? At what point will firms stop entering a monopolistically competitive industry?
4. Why do firms in monopolistic competition not reach the perfectly competitive equilibrium?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.