Solved: Equilibrium in a monopolistically competitive industry, Macroeconomics

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Equilibrium in a monopolistically competitive industry

Question:

Carefully explain what will happen as we move from the short run to a long run equilibrium in a monopolistically competitive industry if firms are making a positive profit in the short run. Your explanation should clearly state what will happen to the demand curve facing an individual firm and the reason why this happens.

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Macroeconomics: Equilibrium in a monopolistically competitive industry

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Macroeconomics: Equilibrium in a monopolistically competitive industry

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