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(a)Draw a properly labelled diagram showing profit for a monopolistic competitive firm. (b)Explain with the help of a diagram that the representative firm in a

(a)Draw a properly labelled diagram showing profit for a monopolistic

competitive firm.

(b)Explain with the help of a diagram that the representative firm in a monopolistic competitive market makes only normal profits in the long run.

(c)Compare and contrast the equilibrium of a perfectly competitive firm and a monopolistic competitive firm in the long-run.

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