{
  "id": "monopolistic-competition-long-run",
  "name": "Monopolistic competition: long run",
  "unit": "micro",
  "unitName": "Unit 2 · Microeconomics",
  "topic": "Imperfect competition (HL)",
  "hl": true,
  "description": "Free entry and exit shift each firm’s demand until it is tangent to ATC: only normal profit is earned. Output is below the level of minimum ATC (excess capacity), and P > MC.",
  "keywords": [
    "monopolistic competition",
    "long run",
    "normal profit",
    "tangency",
    "excess capacity",
    "productive inefficiency",
    "allocative inefficiency"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/monopolistic-competition-long-run",
  "previewUrl": "https://graphs.lectere.com/thumbs/monopolistic-competition-long-run.svg",
  "editorUrl": "https://graphs.lectere.com/graph/monopolistic-competition-long-run/",
  "params": [
    {
      "key": "excess",
      "label": "Mark excess capacity",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "pmc",
      "label": "Show P > MC",
      "default": false,
      "type": "boolean"
    }
  ],
  "defaults": {
    "excess": true,
    "pmc": false
  },
  "panels": [
    {
      "id": "main",
      "title": null,
      "xLabel": "Output",
      "yLabel": "Costs, revenue",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
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      "hint": "Vertical axis",
      "panel": "main"
    },
    {
      "key": "main:x",
      "default": "Output",
      "hint": "Horizontal axis",
      "panel": "main"
    },
    {
      "key": "main.ar",
      "default": "D = AR",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.mr",
      "default": "MR",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.atc",
      "default": "ATC",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.mc",
      "default": "MC",
      "hint": "Curve",
      "panel": "main"
    },
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      "key": "main.e:y",
      "default": "P_{LR}",
      "hint": "Vertical-axis value",
      "panel": "main"
    },
    {
      "key": "main.e:x",
      "default": "Q_{LR}",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.minatc:x",
      "default": "Q_{min ATC}",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.excess",
      "default": "excess capacity",
      "hint": "Arrow / line",
      "panel": "main"
    }
  ],
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      "label": "MR"
    },
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      "key": "main.atc",
      "kind": "curve",
      "label": "ATC"
    },
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      "kind": "curve",
      "label": "MC"
    },
    {
      "key": "main.mcmr",
      "kind": "point"
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    {
      "key": "main.e",
      "kind": "point"
    },
    {
      "key": "main.minatc",
      "kind": "point"
    },
    {
      "key": "main.excess",
      "kind": "line",
      "label": "excess capacity"
    }
  ],
  "stats": null,
  "example": {
    "template": "monopolistic-competition-long-run",
    "params": {
      "excess": true,
      "pmc": false
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}