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1. a) List the three key attributes of monopolistic competition. b) Draw a diagram to show the long-run equilibrium in a monopolistically competitive market and

a) List the three key attributes of monopolistic competition.

b) Draw a diagram to show the long-run equilibrium in a monopolistically competitive market and explain what you draw.

c. How does this equilibrium differ from that in a perfectly competitive market? Draw a diagram of long run equilibrium of a firm in perfectly competitive market to compare with your equilibrium in b) above.

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