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QUESTION
22 Demonstrate graphically and explain verbally the case of a monopolistically competitive firm earning a positive
22 Demonstrate graphically and explain verbally the case of a monopolistically competitive firm earning a positive
economic profit. Is this firm in a short run or a long run equilibrium? In the short run, how does this case differ from the monopoly market outcome?
23 Demonstrate graphically and explain verbally the long run equilibrium for a monopolistically competitive firm. How does this differ from the long run equilibrium of a monopoly firm?
