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Match each inequality or equality to the corresponding term for the monopolistic competitor operating at optimal, short-run production levels. Drag each item on the left to its matching item on the right. short-run economic profit price = average total cost" price > marginal revenue short-run economic loss price < average total cost" market power price > average total cost (ATC) zero economic profit price > marginal cost markup

Sagot :

Pure monopoly and pure competition are the opposing limiting cases. Monopolistic competition exists between those two.

Monopolistic competition is distinguished by the fact that, despite being closely related to one another, the products of various firms are not all the same but rather differ from one another. As numerous businesses compete to sell their products, there is also a component of competition.

Price=Average Total Cost Total Revenue is equal to total cost so there

                                                is zero economic profit.  

Price>ATC                          It means that firm is earning short run

                                                economic profit.  

Price<ATC                          It means firm is earning Short Run Economic

                                                Loss  

Price> Marginal Revenue  It means firm has market power  

Price>Marginal Cost          Mark up

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