Homework Answers
ANSWER
As per the given question,
In monopolistically competitive market, entry of new firm will lower my individual demand curve, so my output will fall.
In following graph, D0 & MR0 are initial demand & marginal revenue curves, and equilibrium is at point A corresponding to intersection of MR0 and MC curves with equilibrium price P0 and output Q0. Profit is equal to area P0ACD.
After new entry, my demand falls, so demand curve shifts leftward to D1 and new marginal revenue MR1 intersects MC at point B with price P1 and quantity Q1. New profit level is given by area P1BEF.
Therefore, profit is lower.
To defend market share, I need to differentiate my product (modified and improved features and/or improved after-sale service and/or use of advertising) to attract customers to purchase my products.
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