The total quantity produced by the firms in monopolistic competition is _______ the total quantity produced by firms in perfect competition.

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22-08-2022
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The total quantity produced by the firms in monopolistic competition is _______ the total quantity produced by firms in perfect competition.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-09-02T05:34:20+02:00

The total quantity produced by the firms in monopolistic competition is equal to the total quantity produced by firms in perfect competition. Perfect competition happens in economic theory when all companies sell identical items, market share has no effect on pricing, companies can enter and exit without barriers, customers have perfect or full information, and companies cannot control prices.

Markets for farmers: The average farmers' market is perhaps the closest thing to ideal competition in real life. Small manufacturers supply almost comparable products at nearly same pricing. The level of competition in the ideal competitive market is high. Firms must reduce their profit margins and provide consumers low-cost competitive products.

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