PS pink ni nga cartolina kim, dakoa imong agi hehehe tanxx

MONOPOLISTIC COMPETITION - is a type of imperfect competition such that competing producers sell
products that are differentiated from one another as good but not
perfect substitutes

3 Features of Monopolistic Competition

1. Product Differentiation
2. Many firms
3. Free entry and exit in the long run

Short Run – firms behave like monopolies; using market power to generate profit
Long Run – market becomes more like a perfectly competitive; firms cannot gain economic profit
PS. dakoa ang mga labels kim ha? kanang maklaro ni sir, sa white ni. lahi lahi nga cartolina ang short and
long, white japun

SHORT RUN

LONG RUN