Characteristics of monopolistic competition-oligopoly

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Reference no: EM1371196

Question 1:

Discuss "shut-down" condition for a competitive firm.

The condition for shut-down is when P = AVC.

Explain it.

Does the firm make zero profit at that point or what?

How different is the point vis-a-vis a break-even point in terms of profit?

Question 2:

Explain the major characteristics of monopolistic competition and oligopoly.

Reference no: EM1371196

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