Examples of industries with monopolistic competition include clothing, restaurants, hair salons, household goods, and restaurants. There are numerous competing businesses that sell, market, and price items like hamburgers or dish soap.
When a company enters a market where there is monopoly competition?
As a result, the perceived demand curve for each company will shift to the left when a new company enters a monopolistically competitive industry because a smaller quantity will be demanded at any given price. The fact that a lower price will be charged for each quantity sold is another way to interpret this shift in demand.
By producing the quantity where marginal revenue equals marginal cost, a monopolistically competitive business achieves short-term profit maximization or loss minimization. The company will make an economic profit if its average total cost is lower than the market price.
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