If the amount of product differentiation in a, Business Economics

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If the amount of product differentiation in a

1. "If the amount of product differentiation in a monopolistically competitive industry is very small, the outcome in that market will not be very different than if it were a perfectly competitive industry." Please explain.

2. Can a monopolistically competitive firm producing a good with lots of very close substitutes earn large positive profits in the long run? Please explain.

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