Which of the following forces does not play a major part in the adjustments of a monopolisticallycompetitive industry toward its long-run equilibrium?

1. profits/losses making firms enter or exit the industry
2. firms expanding or shrinking their productive capacity
3. introduction of new products and patents
4. shifts in the demand curves of individual firms as the industry expands or contracts

Question

markiemark2514 markiemark2514

10-01-2020
Business

contestada

Which of the following forces does not play a major part in the adjustments of a monopolisticallycompetitive industry toward its long-run equilibrium?

1. profits/losses making firms enter or exit the industry
2. firms expanding or shrinking their productive capacity
3. introduction of new products and patents
4. shifts in the demand curves of individual firms as the industry expands or contracts

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Answer:

The correct is (3)

Explanation:

The adjustment of monopolistically competitive competition is a long process towards the equilibrium. The change in demand/ supply, and firms entering/exiting a market plays an important role in achieving equilibrium in the long-run. Patents and introduction of new products do not play any role in achieving equilibrium as it does not affect the market share and competitive environment in the market