7. short run. (18) The graph below shows the demand curve and marginal revenue curve for a monopolistic competitive firm in the Complete the graph and illustrate this monopolistically competitive firm earning a positive economic profit. Price ($) mr d quantity

QUESTION 12 A firm that is the sole seller of a product without close substitutes is a. perfectly competitive b. monopolistically competitive c. a monopolist d. an oligopolist

Question 1a. How is monopolistic competition like monopoly, perfect competition andoligopoly? b. Give two examples of price discrimination. In each case, explain why themonopolist chooses to follow this business strategy c. Why does price equal marginal revenue for the perfectly competitive firm?What is the relationship to the demand curve for the firm?