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(1) Use the graph below to explain the output, profit and loss conditions for monopolistically competitive firms. Show your work where appropriate in reference to

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(1) Use the graph below to explain the output, profit and loss conditions for monopolistically competitive firms. Show your work where appropriate in reference to the Graph. (ii) With examples, examine the barriers to business entry for imperfect competition firms. Firm Lan T-shirt monopolistic competitive firm Price MC ATC 25 25 ATC 20 15 DD 10 5 MR 10 20 30 40 SO 60 70 80 90 Supply

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