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22. Answer all the following questions. a. Why might a monopolist earn an economic profit even in the long run? How does this differ from

22. Answer all the following questions. a. Why might a monopolist earn an economic profit even in the long run? How does this differ from the situation faced by a perfectly competitive firm? (2pts) b. "The only way for a firm in a monopolistic competition to increase its sales is to lower its price." True or false? Briefly explain your reasoning. (2pts)

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