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Compare and contrast the short- run and the long- run equilibrium positions of a firm under monopolistic competition with those of a firm under perfect competition.
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Compare and contrast the short- run and the long- run equilibrium positions of a firm under monopolistic competition with those of a firm under perfect competition, and examine the view that monopolistic competition leads to less efficient use of resources than perfect competition. In order to proceed with the questions of the subject, we must follow a specific plan of analysing things, which will allow further conclusions. First of all it will be shown below what is happening to the short-run and long-run equilibrium of a firm under monopolistic competition. The same will be shown for a firm under perfect competition. And this analysis will distinct each type of firm and make further discussion more clear. Then the discussion will move to the comparison of the equilibriums in short-run and long-run of a firm under monopolistic competition with a firm under perfect competition. Finally we will examine and conclude if...
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