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Q9. The following diagram shows the structure of cost and demand facing a monopolistically competitive firm in the short run. a. Identify the following on

Q9. The following diagram shows the structure of cost and demand facing a monopolistically competitive firm in the short run.

a.Identify the following on the graph and calculate each one.

i.Profit-maximizing output level

ii.Profit-maximizing price

iii.Total revenue

iv.Total cost

v.Total profit or loss

b.What is likely to happen in this industry in the long run?

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