Draw graph showing monopolistically competitive firm

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Reference no: EM131392496

MONOPOLISTIC COMPETITION

A) Draw a graph showing a monopolistically competitive firm in a long-run equilibrium. What are its profits?

b) Suppose instead that a monopolistically competitive firm sells 5 units of a product, for $4/unit, at an average total cost of $2/unit. Calculate the profits. Would there be entry or exit, and how would that affect the firm’s profits?

c) The primary difference between monopolistically and perfectly competitive firms is _____

Reference no: EM131392496

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