The demand curve of a monopolistically competitive firm A) is horizontal because the firm must cut its price to sell more. B) is perfectly elastic.

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05-07-2022
Business

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The demand curve of a monopolistically competitive firm A) is horizontal because the firm must cut its price to sell more. B) is perfectly elastic.

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tutorconsortium201 tutorconsortium201 · Answer 1 · 2022-07-18T06:16:02-04:00

The demand curve of a monopolistically competitive firm A) is horizontal because the firm must cut its price to sell more.

The demand curve of a firm that is perfectly competitive is horizontal at the market price.
As a result, every unit sold will result in it receiving the same price.
The difference in total revenue from selling one more unit at the constant market price is the marginal revenue that the company receives.

A monopolistically competitive firm's perceived demand curve slopes downward, indicating that it sets prices and selects a mix of quantity and price.

Why is the demand curve in monopolistic competition more elastic than a monopoly?

Firm's demand curve under monopolistic competition is more elastic than under monopoly because of availability of close substitutes under monopolistic competition.

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