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Monopolistic Competition Key Concepts
1.
Monopolistic Competition [email_address]
2.
3.
4.
5.
6.
Monopolistic competition Equilibrium
of the firm: short run
7.
Short-run equilibrium of
the firm under monopolistic competition £ Q O Q s P s AC s AR D MC AC MR
8.
Monopolistic competition Equilibrium
of the firm: long run
9.
Long-run equilibrium of
the firm under monopolistic competition £ Q O Q L P L AR L D L MR L LRAC LRMC
10.
Monopolistic competition Comparison
with perfect competition (long run)
11.
Long run equilibrium
of the firm under perfect and monopolistic competition Q 2 £ Q O P 1 LRAC D L under monopolistic competition Q 1 P 2 D L under perfect competition
12.
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