MARKET STRUCTURE AND PROFIT MAXIMIZATION
For your initial post, answer the following question.
Provide an example of a firm or a small business from the real world that is surviving the dynamic nature of monopolistic competition, and discuss some approaches they have used (or are currently using) to compete and survive in the market.
Give a brief explanation of at least one of the concepts listed below, including an example to support your post.
- Various cost concepts
- Accounting profits versus economic profits
- Marginal cost and marginal revenue
- Optimum level of output
- Types of markets
- Law of diminishing return to labor
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