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Fortune Bakery sells cookies in a monopolistically competitive market. To maximize profit, what quantity should Fortune Bakery produce and what price should it charge? Suppose

Fortune Bakery sells cookies in a monopolistically competitive market.

To maximize profit, what quantity should Fortune Bakery produce and what price should it charge?

Suppose Fortune Bakery is in the long run equilibrium. Explain how much economic profit Fortune Bakery is making.

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