copy一段Feenstra的文字,能帮助理解。
Despite its widespread use, the CES functional form has some undesirable features for
monopolistic competition models. In the first place, it leads (for large N) to a constant markup
of price over marginal costs. Furthermore, for several different specification of costs, this leads
to a constant level of output consistent with zero profits. It follows that the equilibrium entry
and exit of firms has no effect at all on the prices or output of existing firms. For example,
opening a country to international trade under the CES specification does not affect the prices or
scale of domestic firms, so the pro-competitive effects of international trade identified by
Krugman (1979) do not apply。