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Detailed answer is required. Question 2: Monopolistic and Oligopoly firms Question 1 (i) Use the graph below to explain the output, profit and loss conditions

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Question 2: Monopolistic and Oligopoly firms Question 1 (i) Use the graph below to explain the output, profit and loss conditions for monopolistically competitive firms. Show your work where appropriate in reference to the Graph. Firm Lan T-shirt monopolistic competitive firm Price MC 25 ATCZ 25 ATCI 20 15 DD 10 5 MR 10 20 30 40 50 60 70 80 90 Supply (ii) With examples, examine the barriers to business entry for imperfect competition firms

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