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Monopolistic Competition 1. How is a monopolistically competitive firm different and similar from the other three types of market structures? 2. How do you draw

Monopolistic Competition

1. How is a monopolistically competitive firm different and similar from the other three types of market structures?

2. How do you draw a diagram showing monopolistically competitive firm making a profit, taking a loss and breaking even?

3. What will happens to monopolistically competitive firms in the long run?

4. What is excess capacity?

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