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Question: ""Please answer with simpleexplainlations""""Please answer with simpleexplainlations""""Please ...

1.       Refer to the above
diagrams, which pertain to monopolistically competitive firms.
Long-run equilibrium is shown by:

a.       diagram a
only.

b.      Diagram b only.

c.       Diagram c only

d.      Both diagrams b and
c

2.       In long-run
equilibrium monopolistic competition entails:

a.       An efficient
allocation of resources.

b.      An over allocation of
resources.

c.       An under
allocation of resources.

d.      Production at the
minimum attainable average total cost.

3.       The more elastic a
monopolistic competitor

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