Which Of The Following Assumptions Applies To Both Perfect Competition And Monopolistic Competition?
journal article
The Journal of Industrial Economics
Published By: Wiley
https://doi.org/10.2307/2098002
https://www. jstor .org/stable/2098002
This paper addresses a controversy initiated by Demsetz concerning the consistency of the assumptions underlying monopolistic competition. Placing the issues in spatial context confirms Demsetz' argument that free entry does not necessarily imply zero profit but refutes the argument that free entry leads to perfect competition. Some monopoly power is retained by firms as long as consumers have different tastes and there are fixed costs to developing new products.
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Which Of The Following Assumptions Applies To Both Perfect Competition And Monopolistic Competition?
Source: https://www.jstor.org/stable/2098002
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