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Characteristics of monopolistic competition 1:40 Examples of monopolistic competition 3:11 Each firm faces a downward-sloping residual demand curve 6:34 The marginal revenue curve for a monopolistically competitive firm 9:15 How the monopolistically competitive firm chooses its quantity and price 10:28 The firm produces the quantity where MR = MC 11:57 The firm uses the residual demand curve to choose its price 12:14 How to show the profit for a monopolistically competitive firm 13:52 The monopolistically competitive firm has no supply curve 14:24 Profit maximization in the long-run for the monopolistically competitive firm 15:06 How entry and exit affect the firm's residual demand curve 16:03 Profit is driven to zero in the long-run by entry 23:34 Long-run equilibrium for a monopolistically competitive firm 32:48 Is profit equal to zero inevitable? 36:19 Two ways the firm might be able to make profit positive again Try to increase the residual demand curve it faces by further differentiating its good 39:25 Shift cost curves down by becoming more efficient 40:11 Bar Rescue as an example of monopolistic competition 41:35 Comparing perfect competition and monopolistic competition 46:22 The monopolistically competitive firm produces at excess capacity 49:53 The markup over marginal cost 51:05 The incentive for monopolistically competitive firms to engage in marketing 54:51