Monopolistically competitive firms can earn profits in the long run due to dominating the market.
What are Monopolistic competitions?
Monopolistic competitions can be regarded as theone that are characterizes as an industry whereby many firms offer products or services that are similar .
In this case, this product are substitutes , and they have Barriers to entry and exit in a monopolistic competitive industry .
It should be noted that Monopolistically competitive firms can earn profits in the long run due to dominating the market.
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