BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The equilibrium of an individual organization under monopolistic competition. However, in monopolistic competition, it is necessary for an organization to analyze price and output of other organizations existing in the industry. The price-output equilibrium of all organizations is known as group equilibrium.

Detailed explanation-2: -The price-output equilibrium of all firms is known as group equilibrium. Group equilibrium represents the price and output of firms having close substitutes.

Detailed explanation-3: -Group equilibrium means price output adjustment of a number of firms, instead of an individual firm, whose products are close substitutes. Group equilibrium represents the price and output of organizations having close substitute.

Detailed explanation-4: -Group equilibrium represents the price and output of the organizations having close substitutes. Hence, monopolistic competition is also referred to as group equilibrium.