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What is monopolistic competition

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a. What is monopolistic competition? Use some Australian examples in answering this question.

b. What are the differences among monopolistic competition, perfect competition and monopoly?

c. Explain the long-run equilibrium of a monopolistically competitive firm using a diagram. Does a monopolistically competitive firm produce too much or too little output compared with the most efficient output level? Briefly discuss welfare implications of the long-run equilibrium.

d. Briefly explain why is advertising prevalent in monopolistic competition?

Reference no: EM132505298

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