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i. With examples explain the long-run characteristics of firms in monopolistic competition ii. Use the graph below to explain the output, profit and loss conditions

i. With examples explain the long-run characteristics of firms in monopolistic competition

ii. Use the graph below to explain the output, profit and loss conditions for monopolistically competitive firms. Show your work


iii. Examine the barriers to business entry for imperfect competition firms

Lan T-shirt Inc. Ltd: A monopolistic competitive firm Price MC ATC 25 25 TC1 15 DD 10 5 MR 10 20 30 40 50 60 70 80 90 Supply 20

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i Monopolistically competitive markets are markets that are dominated by many buyers and sellers who sale differentiated products Good examples includ... blur-text-image

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