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please do quickly DElow. Assume a perfectly competitive industry in Long Run equiilbrium finds ways to become a monopolistically competitive industry. a. Explain carefully how

please do quickly

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DElow. Assume a perfectly competitive industry in Long Run equiilbrium finds ways to become a monopolistically competitive industry. a. Explain carefully how such a change could be accomplished. (5 marks) b. Explain how each of the firms' demand curves, cost curves and revenue curves will change as a result. Draw these changes on your graph and carefully label them. (7 marks) c. Assume that the initial price and production for the product is not changed for each firm from the competitive long run equilibrium, and that the old and new demand curves cross at that exact LR equilibrium point. What will happen to profits for the industry? (Draw this on another graph) (4 marks) d. Given your answer in part c., what will happen to the industry profits, production at each firm, and the number of firms in the long run? (Draw another graph showing this change) (4 marks)

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