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Suppose a monopolistic competitor in long-run equilibrium has a constant marginal cost of $6 and faces the demand curve given in the following table:...
Suppose a monopolistic competitor in long-runequilibrium has a constant marginal cost of $6 and facesthe demand curve given in the following table:Q 20 18 16 14 12 10 8 6P $ 2 4 6 8 10 12 14 16a. What output will the firm choose?b. What will be the monopolistic competitor’s averagefixed cost at the output it chooses?