Monopolistic Competition 1. How does Monopolistic Competition differ from Perfect Competition? How are these market structures similar? 2. From the graph below, answer these questions: a) Explain the shapes of the Demand and Marginal Revenue curves. b) What Point determines the profit maximizing level of output? c) What type of profit/loss is this firm earning d) What is the defining characteristic of this market structure e) Why does this firm break even in the long run? Price ($) S Q₂ MC MR Quantity AC D₂

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