2. Consider a monopolistically competitive firm. From the point of view of remaining firms, as firms leave the industry we can think of this as a:
  1. shift out in each individual firm's demand curve.
  2. shift back in each individual firm's MC curve.
  3. shift up in each individual firm's AC curve.
  4. shift back in each individual firm's supply curve.
  5. shift back in each individual firm's MR curve.

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