The "Three Regions" model for this phonemenon is a development of Paul Krugman's model for this phenomenon, which is based on the utility derived by c
The "Three Regions" model for this phonemenon is a development of Paul Krugman's model for this phenomenon, which is based on the utility derived by consumers in the situation of international trade. Unlike a similar situation, demand curves are flexible in this case, and they shift to the right as firms enter, and long run prices are determined by the Average Cost curve interesecting the Average Revenue curve. Sometimes known as an "imperfect" market, this condition requires firms to advertise their products. For 10 points, identify this type of an economic market wherein products are slightly differentiated.
The "Three Regions" model for this phonemenon is a development of Paul Krugman's model for this phenomenon, which is based on the utility derived by consumers in the situation of international trade.
{monopolistic competition} or imperfect competition until mentioned