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Chapter 13 Monopolistic Competition 1. What are the major features of monopolistic competition compared to pure competition and pure monopoly? 2. Assume that the short-run cost and demand data given in the table below confronts a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compare the marginal cost and marginal revenue of each unit of output and enter these figures in the table Total Marginal Quantity Marginal Output cost cost demanded Price revenue Profit 0 $ 50 XXXX 0 $60 XXXXX 5 80 S 55 S 120 2 50 150 3 45 170 + 40 185 5 35 205 6 30 235 25 275 20 9 325 15 10 385 10 10 (a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run? How will the market adjust to achieve this