Describe and explain price and output determinations for firms. How does the change from the short run to the long run for a Monopolistic Competitor?...

Describe and explain price and output determinations for firms. How does the change from the short run to the long run for a Monopolistic Competitor? What effect does product differentiation have on the firms approach to price and advertising?

Monopolistic competitive industry includes many sellers who sell slightly differentiated productsat their own price. They spend considerable amount on advertising to reflect superior quality of...