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Critically evaluate and explain: a. In monopolistically competitive industries, economic profits are competed away in the long run. Hence, there is no valid reason to

Critically evaluate and explain: a. In monopolistically competitive industries, economic profits are competed away in the long run. Hence, there is no valid reason to criticize these industries' performance and efficiency. b. In the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits

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