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Fully explain how a monopolistically competitive firm makes its pricing and output decision. If a monopolistically competitive firm is making profits in the short run,

Fully explain how a monopolistically competitive firm makes its pricing and output decision. If a monopolistically competitive firm is making profits in the short run, are these profits sustainable in the long run? Fully explain what happens as the firm moves to the long-run. [Draw a diagram to illustrate the situation of the firm in the short-run and then in the long run]

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