Answer to Question #76116 in Microeconomics for Zahra
a. Show the firm’s short-run profit-maximizing quantity and price. Is the firm making a
b. Carefully explain what will happen in the industry over time, and draw a graph of a
monopolistic-ally competitive firm in long-run equilibrium.
b. In the long-run all firms will earn normal (zero) profit and P = LATC.
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