Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.   Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.

Discuss the long-term effects in a monopolistically competitive market if an existing firm is making profits and also losses . Use appropriate graphs to illustrate your explanations.

Assume a monopolistic publisher has agreed to pay an author 15 percent of the total revenue from the sales of a text. Will the author and the publisher want to charge the same price for the text? Explain.

Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand (D) curve, marginal revenue (MR) curve, marginal cost (MC) curve, and long-run average total cost (LRATC) curve. Assume that all firms in the industry face the same cost structure. Place the tan point (dash symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place the purple point (diamond symbol) to indicate the point at which this firm would produce in the long run if it operated in a perfectly competitive market. Note: Dashed drop lines will automatically extend to both axes. 100 PRICE, COSTS, AND REVENUE (Dollars per jacket) 8 8 8 10 MC 0 0 10 LRATC MR 20 30 40 50 60 70 QUANTITY (Thousands of jackets) Under... Monopolistic Competition Perfect Competition 80 D Average Total Cost (Dollars per jacket) 90 100 Monopolistic Competition Outcome Compare the average total cost and the output level…