1. Explain why a monopolistically competitive firm has downward‐sloping demand and
marginal revenue curves.
2. Explain how a monopolistically competitive firm maximises profit in the short run.
3. Explain what is likely to happen to a monopolistically competitive firm in the long.
4. Compare the efficiency of monopolistic competition and perfect competition.
5. Define marketing and explain how firms use it to differentiate their products.
6. Identify the key factors that determine a firm’s profitability.

 

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