With examples explain the long-run characteristics of firms in monopolistic competition Use the graph below to explain the output, profit and loss conditions for monopolistically competitive firms. Show your work. Lan T-shirt Inc. Ltd: A monopolistic competitive firm Price MC ATC 25 25 ÁTC 20 15 DD 10 5 MR 10 20 30 40 50 60 70 80 90 Supply Examine the barriers to business entry for imperfect competition firms

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