(See Solution) Why are firms in oligopolies more likely to earn positive economic profits in the long run than are firms in a monopolistic competitive industry?
Question: Why are firms in oligopolies more likely to earn positive economic profits in the long run than are firms in a monopolistic competitive industry? Does your answer imply that firms in monopolistic competition do not earn accounting profits? Support your answer and include key definitional differences between these two industry structures that can affect their ability to sustain long run economic profits.
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