Find three examples of monopolistic competition (four firm concentration ratios of 20 to 40 percent) athttps://factfinder.census.gov/faces/nav/jsf/pages/index.xhtml.

Which characteristic of monopolistic competition described in the text are true for each example?

2. "In the long-run, there is no difference between monopolistic competition and perfect competition." Discuss this statement with respect to the following:

a) The price charged to consumers

b) The average total cost of production

c) The typical firm's profit in the long run.