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Question: How is price related to marginal cost and average total cost for monopolistically competitive firms in the following situations?
- a short-run equilibrium where it is earning positive economic profits
- a short-run equilibrium where it is earning economic losses
- a short-run equilibrium where it is earning zero economic profits
- a long-run equilibrium
Your application response is a reflective written assignment relating to the module readings, discussion, and other activities presented.
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