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Monopolistic competition Figure 16-11 so I Price 45 40 35 30 25 20 15+ 10 5 MC MR 10 20 30 40 50 60

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Monopolistic competition Figure 16-11 so I Price 45 40 35 30 25 20 15+ 10 5 MC MR 10 20 30 40 50 60 70 80 Quantity Refer to Figure 16-11 for questions 1 through 6 below. 12. If this firm profit-maximizes, how much output will it produce? 13. If this firm profit-maximizes, what price will it charge? 14. If this firm profit-maximizes, how much revenue will it earn? 15. If this firm profit-maximizes, how much cost will it incur? 16. If this firm profit-maximizes, how much profit or loss will it earn? 17. What, if any, long run adjustment will occur in this industry?

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