In the long run, if a firm is making a profit more firms will enter. This will cause profit to drop. Firms will eventually drop out because of this and economic profit will makes it way to zero(a result of the invisible hand).
The general monopolistically competitive firm does earn profit. They earn point about as much as oligopolies.
A perfectly competitive firm will not earn an economic profit in the long run because in a perfectly competitive market, there are many firms selling identical products, leading to price competition. This competition drives prices down to the point where firms only earn enough revenue to cover their costs, resulting in zero economic profit.
Monopoly means that there are no competitor for your product or servises
one firm which sells a good price set by that firm hard for other firms to enter market
YES
The general monopolistically competitive firm does earn profit. They earn point about as much as oligopolies.
A perfectly competitive firm will not earn an economic profit in the long run because in a perfectly competitive market, there are many firms selling identical products, leading to price competition. This competition drives prices down to the point where firms only earn enough revenue to cover their costs, resulting in zero economic profit.
Monopoly means that there are no competitor for your product or servises
YES
one firm which sells a good price set by that firm hard for other firms to enter market
Consumers will substitute with a rival's product.
is earning a profit
A firm in monopolistic competition can make an economic profit only in the short run because in the long run, other firms can enter the market and offer similar products, increasing competition and driving down prices, which reduces the firm's ability to maintain high profits.
Perfectly competitive, because both firms will compete to earn a greater market share (they are "price takers"), leading to prices that more closely resemble a perfectly competitive market than a monopolistic market (one dominant "price making" firm).
it is not a monopoly firm
The monopoly surplus graph shows that a monopolistic firm has market power, meaning it can set prices higher than in a competitive market. This leads to economic inefficiency because the firm produces less and charges higher prices, resulting in a deadweight loss for society.
it is a price taker