The market structure of the local coffee shop industry is monopolistic competition. Suppose that
currently each coffee shop incurs a loss (SR profits are negative) at Q*.
a. Draw a graph for a typical coffee shop to show this SR situation.
b. Explain what will happen as this industry moves to the LR.
c. Draw a graph for a typical coffee shop in the LR.
d. Show the DWL relative to the efficient level of output (P = MC) on your LR graph.
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