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Q5. . Both monopolistic competitive firms and monopoly firms have downward sloping demand curves. a. Explain with diagrams to demonstrate why monopolistic competitive firms cannot

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Q5. . Both monopolistic competitive firms and monopoly firms have downward sloping demand curves. a. Explain with diagrams to demonstrate why monopolistic competitive firms cannot make a long-run profit as monopoly firms do. b. Why both kinds of monopolistic firms are not socially efficient in the long run

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