Microeconomics UNIT 4

why can a monopoly earn economic profit in the long run?

because there are high barriers to entry

elasticity of demand curve when MR is positive

elastic demand

elasticity of demand curve when MR is 0

unit elastic

elasticity of demand curve when MR is negative

inelastic

how does perfect price discrimination impact the marginal revenue curve

the MR curve becomes equal to the demand curve

monopolistically competitive firm at long run equilibrium diagram

product difference in oligoply

same or differentiated

ability to affect price in an oligopoly

some because there is interdependence between the firms

collusion outcome

outcome that is best for both entities

nash equilibrium

most likely outcome