Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitive firm is.

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28-07-2022
Business

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Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitive firm is.

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tutorconsortium205 tutorconsortium205 · Answer 1 · 2022-08-06T19:09:20+02:00

The marginal revenue and demand curves of a perfectly competitive firm are the same; the marginal revenue curve of a monopolistically competitive firm is lower than its demand curve. If a monopolistically competitive firm charges a low price, its marginal revenue can be negative.

What is the demand curve of a monopolistic competitor?

A monopolistic competitor faces a downward-sloping demand curve, which means that the monopolistic competitor can raise its price without losing all of its customers or lower the price and gain more customers.

What happens when a monopolist raises the price of a product?

If a monopolist raises its price, some customers will choose not to buy its product—but they will then have to buy something completely different. When a monopolistic competitor raises its price, some customers choose not to buy the product at all, while others choose to buy a similar product from another company.

What is the difference between monopolistic and perfect competition?

In perfect competition, the demand and supply forces determine the price for the whole industry and every firm sells its product at that price. Entry and Exit are comparatively easy in perfect competition than in monopolistic competition.

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