Exhibit 10-3 A monopolistic competitive firm in the long run Price, costs, and revenue (dollars) 40 30 20 10 0 MR MC LRA

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Exhibit 10 3 A Monopolistic Competitive Firm In The Long Run Price Costs And Revenue Dollars 40 30 20 10 0 Mr Mc Lra 1 (46.59 KiB) Viewed 11 times

Exhibit 10-3 A monopolistic competitive firm in the long run Price, costs, and revenue (dollars) 40 30 20 10 0 MR MC LRAC 'D 200 400 600 800 1,000 Quantity of output (units per week) If all firms in a monopolistic competitive industry have demand and cost curves like those shown in Exhibit 10-3, we would expect that in the long run: a number of new firms will enter the industry. some firms will leave the industry. firms in the industry earn zero economic profits. O all firms will leave the industry.