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There are a large number of coffee shops in Las Vegas and many consumers prefer some coffee shops over others. According to the monopolistically competitive
There are a large number of coffee shops in Las Vegas and many consumers prefer some coffee shops over others. According to the monopolistically competitive model, if one coffee shop closes for non-economic reasons (e.g. the owners retire), then will the remaining coffee shops make positive economic profits (i.e. above opportunity cost) in the short run, in the long run or neither. Briefly explain.
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