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Profit of a typical firm in market

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  • In a monopolistically competitive market, in long run equilibrium, the government applies a specific $2 per unit tax per unit of output.
    • What happens to the profit of a typical firm in this market, in both the short run and long run?
    • Does the number of firms rise or fall?
    • Why or why not?
  • Under monopolistic competition with identical firms, is it possible for a firm to produce at the minimum of its average total coast curve? Explain

Reference no: EM131246556

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