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B. Assume a Monopolistically Competitive Firm: Use a Demand Curve, and a set of average cost curves, to illustrate this firm making economic profits. Be

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B. Assume a Monopolistically Competitive Firm: Use a Demand Curve, and a set of average cost curves, to illustrate this firm making economic profits. Be sure to label everything. Be sure to indicate the price and output of the firm. Now, as time goes by there should be changes in the market for this monopolistically competitive firm. Illustrate these changes on your graph. Be sure to use arrows so that I can tell the difference between the originals and the changes. Price MC ATC

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