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1 - Describe the three characteristics of an industry characterized by monopolistic competition. 2 - In the presence of free trade, how are the effects

1 - Describe the three characteristics of an industry characterized by monopolistic competition.

2 - In the presence of free trade, how are the effects of economic growth different for a large country than for a small country?

3 - "The higher the tariff, the more domestic production is increased. Thus, a prohibitive tariff is socially optimal." Explain whether or not this statement is valid.

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