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what market inefficiencies derive from
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- What factors hinder firms in monopolistic competition from earning economic profits in the long run?Why is a competitive market generally better for society than a monopolistic market?Imagine a scenario in which the fashion industry is suffering from monopolistic price gouging and a dwindling demand
- When oil prices increased 10 fold during the 1973 – 80 energy crisis, many oil companies made huge profits. During this energy crisis, Congress considered imposing an “excess profits” tax on oil companies. If you were in Congress, would you vote for such a tax? Do unexpected monopolistic profits serve any useful function in a market economy?Explain how monopolistic competition is different from perfect competition and monopoly in both the short- and long run?do you think monopolistic profit is a social cost? explain