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I. Compare and contrast monopoly and monopolistically competitive markets. (15 Points) Monopoly Monopolistic Competition Number/Size of firms Product Characteristics Control Over Price Short Run Profits

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I. Compare and contrast "monopoly" and "monopolistically competitive" markets. (15 Points) Monopoly Monopolistic Competition Number/Size of firms Product Characteristics Control Over Price Short Run Profits Long Run Profits Il. What are the likely differences in the Demand Lines between "Monopolistic" and "Monopolistically Competitive" market firms. Why does this difference exist? (10 Points)

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