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The following graph shows the long-run equilibrium for a monopolistically competitive firm.
a. For this monopolistically competitive firm, what is the profitmaximizing output level and at what price will it sell this output?
b. At profit maximization, explain why this firm is considered to be in long-run equilibrium.
from this, equilibrium leads to 1100-5P = -100+P ⇒ P = 200 and Q = 100 Suppose the world price is still 120. Assume that the government now imposes an import quota of 300 units. Under the new quota,
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