The following graph shows a firm in a monopolistically competitive industry. a. Show the firms short-run profit-maximizing
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a. Show the firm€™s short-run profit-maximizing quantity and price. Is the firm making a profit?
b. Carefully explain what will happen in the industry over time, and draw a graph of a monopolistically competitive firm in long-rim equilibrium.
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a See Figure 84A in the text The firm is currently making a profit b Because there ...View the full answer
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