List the three key attributes of monopolistic competition. • Draw and explain a diagram to show the long-run equilibrium in a monopolistically com- petitive market. How does this equilibrium differ from that in a perfectly competitive market

5. How do monopolistically competitive markets differ from competitive markets? If monopolistically competitive firms are making economic profits in the short run, what happens in the long run?

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please fast 29. Suppose Wave detergent is sold in a monopolistically competitive market. If the price of Wave detergent is currently​ $6, and the average cost of producing Wave is​ $4, in the long run we can​ expect:         Question content area bottom Part 1   A. firms to enter the detergent market and sell products similar to​ Wave, shifting the demand curve for Wave to the left.   B. the producers of Wave to go out of business.   C. the producers of Wave to earn economic profits greater than zero.   D. firms to enter the detergent market and sell product similar to​ Wave, shifting the demand curve for Wave to the right. ChatGPT A. firms to enter the detergent market and sell products similar to​ Wave, shifting the demand curve for Wave to the left.

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

The graph depicts a monopolistically competitive firm. Assuming the firm's ATC is ATC', the firm's current economic profit (per day) is_____, and its long-run economic profit is _____. Price and cost $40 30 23 20 10 0 $3,000; $0 $1,500; $0 $1,500; $2,500 $4,000; $3,000 MR 150 200 MC ATC ATC AR=D Quantity (per day)

The market for agricultural products such as wheat or corn would best be described by which market model? O monopolistic competition Opure competition Opure monopoly oligopoly

1. If the demand for a good increases at the same time as the supply of the same good decreases, what will happen to the equilibrium price and quantity of the good? Explain. 2. What is the deadweight loss of monopoly? Show the deadweight loss when the monopolist can perfectly price discriminate. 3. What is the point of long run equilibrium of a monopolistically competitive firm. How does it compare to a competitive firm.

2. Draw a diagram depicting a firm that is making a profit in a monopolistically competitive market. Now show what happens to this firm as new firms enter the industry.

please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly