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Answer the following questions comparing monopolistic competition to perfect competition. a. In the long run, how...

Answer the following questions comparing monopolistic competition to perfect competition.

a. In the long run, how does the profit earned by a firm operating in a monopolistically competitive market compare to the profit the same firm would earn if it were instead operating in a perfectly competitive market?Please explain.

b. In the long run, how does the average cost of production for a firm operating in a monopolistically competitive market compare to the average cost of production for the same firm if it were instead operating in a competitive market?Please explain.

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