Question 1 Use the graph below to explain the output, profit and loss conditions for monopolistically competitive firms. Show your work where appropriate in reference to the Graph. (i) Firm Lan T-shirt monopolistic competitive firm Price MC L ATC 25 25 ÁTC 20 15 DD 10 MR 10 20 30 40 50 60 70 80 90 Supply (i) With examples, examine the barriers to business entry for imperfect competition firms

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