b) Profit maximising equilibrium
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6 Terms
state how firms in monopolistic competition maximise profit and make normal profit in the long-run
produce output at the level where MC = MR
how a cost/revenue graph for a firm in monopolistic competition making normal profit in the long-run
state how firms in monopolistic competition can make supernormal profit in the short-run
producing at the output level where ATC < AR
show a cost/revenue graph for a firm in monopolistic competition making supernormal profit in the short-run
state how firms in monopolistic competition can make a loss in the short-run
producing at the output level where ATC > AR
show a cost/revenue graph for a firm in monopolistic competition making a loss in the short-run
