** The following graph shows the marginal revenue (MR), demand (D), marginal cost (MC) and average total cost (ATC) curve of a monopolistic comeptitor. Dollars per unit MC MR Quantity per unit of time D ATC 1. Please indicate the optimal output and price for the monopolistic competitor in the graph 2. Please indicate profit/loss at this price. 3. Briefly, explain why the optimal price and output is different under monopolistic competition compared to perfect competition?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.