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Explain the key differences between perfect competition and monopolistic competition. Assume these firms in the short run are earning above-normal profits. Explain what will happen

Explain the key differences between perfect competition and monopolistic competition.

Assume these firms in the short run are earning above-normal profits. Explain what will happen to these profits in the long run for the following markets: Pure monopoly, Oligopoly, Monopolistic competition, Perfect competition

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