Monopolistic competitive, Provide one example of a

Monopolistic competitive

Reference no: EM13718490

Provide one example of a "monopolistic competitive" market. Explain (a) how the individual output and price are determined in that market in the short run using your example, and (b) how do you expect this equilibrium to evolve in the long run. (separate your answer in (a) and (b) parts, and answer should be explicit about price, output in the short run and long run).

Reference no: EM13718490

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