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1The condition for the optimal quantity of output for a competitive firm is P = MC.In this equation, P plays the role of something else.What

1The condition for the optimal quantity of output for a competitive firm is P = MC.In this equation, P plays the role of something else.What is it that P plays the role of?

2For a monopolistically competitive market, what is the immediate consequence of entry by new firms so that the price will go down in the long run?

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