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The following diagram shows the structure of cost and de

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The following diagram shows the structure of cost and demand facing a monopolistically competitive firm in the short run

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The following diagram shows the structure of cost and demand facing a monopolistically competitive firm in the short run. a. Identify the following on the graph and calculate each one. i. Profit-maximizing output level ii. Profit-maximizing price iii. Total revenue iv. Total cost v. Total profit or loss b. What is likely to happen in this industry in the long run?

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