Explain how price and output are determined for a firm in a monopolistically competitive market, in both the short run and the long run

There is a v simple formula for answering these 'explain' questionsStart with definitions - what is monopolistic competition? -10% of marksThen to score full marks, you must include:2 well-reasoned chains of analysis - this is effectively answering the question in a logical fashion >50% at least 1 diagram - used to illustrate your analysis, not replace it! - 10%at least 1 good example to anchor you analysis to reality - 10%if there is an extract you MUST use something from it (facts/example etc.) - 10%a final conclusion is always a nice touch - just a sentence is sufficient

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Answered by Will H. Economics tutor

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