Why automotive business be considered monopolistically

Reference no: EM131443879

Question: The following table displays the daily quantity sold, prices, and costs for an automotive oil-change business. While competing with several other companies that offer similar services, this operation differentiates itself by offering warranty-approved service without having to make an appointment.

- Why would this automotive oil-change business be considered monopolistically competitive?

- In the short run, what would be the profit-maximizing number of oil changes? What price would this monopolistically competitive firm charge in the short run?

- Determine whether our monopolistically competitive firm is generating economic profits in the short run. If so, how much?

Reference no: EM131443879

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