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Compare the elasticity of the monopolistic competitor's demand curve with that of a pure competitor and a pure monopolist. Assuming identical long run costs, compare graphically the prices and outputs that would result in the long run under pure competition and under monopolistic competition. Contrast the two market structures in terms of productive and allocative efficiency.
Explain: "Monopolistically competitive industries are characterized by too many firms, each of which produces too little."
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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