A monopolistic competitor

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  21193 Monopolistic Competitor 1. Suppose a monopolistic competitor in long-run equilibrium has a constant marginal cost of $6 and faces the demand curve given in the following table (see attachment). a) What output will the firm choose?

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  21150 Why does producing at MC=MR maximize profit for a monopolistic competitor? Why does producing at MC=MR maximize profit for a monopolistic competitor?

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• demand and total cost

  To maximize profit the monopolistic competitor should produce ______ units of output and charge a price of $_______. b. At this level of output the firm earns a profit of $________. c.

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• monopoly

  c. monopolistic competitor d. oligopolist A firm that faces the entire demand curve of an industry would be a monopolist. By definition, monopoly is the market condition where there is only one seller.