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2. Monopolistic competition - Wikipedia

   en.wikipedia.org/wiki/Monopolistic_competition

   The difference between the company's average revenue and average cost, multiplied by the quantity sold (Qs), gives the total profit. A short-run monopolistic competition equilibrium graph has the same properties of a monopoly equilibrium graph. Long-run equilibrium of the firm under monopolistic competition.

3. Monopoly profit - Wikipedia

   en.wikipedia.org/wiki/Monopoly_profit

   Without barriers to entry and collusion in a market, the existence of a monopoly and monopoly profit cannot persist in the long run. [1] [3] Normally, when economic profit exists within an industry, economic agents form new firms in the industry to obtain at least a portion of the existing economic profit.

4. Long run and short run - Wikipedia

   en.wikipedia.org/wiki/Long_run_and_short_run

   The transition from the short-run to the long-run may be done by considering some short-run equilibrium that is also a long-run equilibrium as to supply and demand, then comparing that state against a new short-run and long-run equilibrium state from a change that disturbs equilibrium, say in the sales-tax rate, tracing out the short-run ...

5. Market structure - Wikipedia

   en.wikipedia.org/wiki/Market_structure

   Monopolistic competition, a type of imperfect competition where there are many sellers, selling products that are closely related but differentiated from one another (e.g. quality of products may differentiate) and hence they are not perfect substitutes. This market structure exists when there are multiple sellers who attempt to seem different ...

6. Market power - Wikipedia

   en.wikipedia.org/wiki/Market_power

   The main characteristics of monopolistic competition include: Differentiated products; Many sellers and buyers; Free entry and exit; Firms within this market structure are not price takers and compete based on product price, quality and through marketing efforts, setting individual prices for the unique differentiated products. [18]

7. Contestable market - Wikipedia

   en.wikipedia.org/wiki/Contestable_market

   Contestable markets are characterized by "hit and run" competition; if a firm in a contestable market raises its prices so as to begin to earn excess profits, potential rivals will enter the market, hoping to exploit the high price for easy profit. When the original incumbent firm(s) respond by returning prices to levels consistent with normal ...