In the long run, firms in competitive markets make choices about production that are important to consider. Do just that with a long run average cost curve!
What is a kinked demand curve model? Considering businesses in an oligopoly industry, review an example of what happens when competing product prices change.
In this economics lesson, review profit maximization in the case of a firm facing monopolistic competition, and consider the potential for above-normal profits.
If you understand monopoly profit maximization, why not consider it graphically? Interpret graphs to figure out what a firm does in order to maximize profits.
Learn how firms behave differently in the long run, why above-normal profits are not sustainable, and what happens when other firms enter in pure competition.
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