Consider the case of monopolistic competition

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Please consider the case of monopolistic competition.

a. Are there actually such firms in the U.S. economy? What is their relative importance compared to other firms?

b. How does the firm decide how much to produce (a graph would help!)?

c. You read in the press a lot about advertising and product differentiation; how is this related to monopolistic competition (if it is)?

d. Will monopolistic competitors make a profit always, sometimes, or never? Explain your reasoning.

Reference no: EM13984704

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