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Homework answers / question archive / Question 2 Not yet answered (10 points=4 points for diagram+6 points for explanation) Suppose a monopolistically competitive firm's demand curve is given by P = 120 - 0

Question 2 Not yet answered (10 points=4 points for diagram+6 points for explanation) Suppose a monopolistically competitive firm's demand curve is given by P = 120 - 0

Economics

Question 2 Not yet answered (10 points=4 points for diagram+6 points for explanation) Suppose a monopolistically competitive firm's demand curve is given by P = 120 - 0.25Q and the cost function is CQ) = 200+ 0.502. The following diagram shows the short-run equilibrium situation for the firm. Looking at the diagram what do anticipate will happen in the long-run? Explain your answer with the help of the diagram (no calculation is required). Marked out of 10.00 Flag question P ?? AC Plom A2=4254 Me Demand 8 uso 8-80 240 7 A ? I - iii = &

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