The chaotic long-run monopolistic competitors output growth model

A monopolistically competitive market structure has some features of competition and some features of monopoly. Monopolistic competition has the following attributes: (i) many sellers; (ii) product differentiation; and (iii) free entry. In the long run equilibrium, price equals average total cost, and the firm earns zero economic profit. This paper want to show that the well known neoclassical microeconomics model on monopolistic competition implicitly has chaotic characteristics. The basic aim of this paper is to construct a relatively simple chaotic long-run monopolistic competitors's output growth model that is capable of generating stable equilibria, cycles, or chaos. A key hypothesis of this