QUESTION 6 Jasmine owns and runs a coffee shop in Brisbane CBD. There are multiple coffee shops operating in the city and the coffee shop market in Brisbane CBD is said to have monopolistic competition. 1. There are many close substitutes, for Jasmine's coffee, in Brisbane CBD. 2. Jasmine has some pricing power as she sells products that are slightly differentiated. 3. Jasmine is a horizontal demand curve. Which of the above statements are true for monopolistic competition. O Only 1 is true. Only 2 is true. Both 1 and 2 are true. Both 2 and 3 are true. All three are true.