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Suppose the figure represents a firm that operates in a monopolistically competitive market. In the long run, you would expect prices in this market to:

Suppose the figure represents a firm that operates in a monopolistically competitive market. In the long run, you would expect prices in this market to:

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decrease to the point that P $=$ AC $.$

increase as unprofitable firms leave the industry.

decrease to the point that P $=$ MC $.$

stay the same.

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