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German Biologist Willi Hennig (1913-1976)

question 25

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German biologist Willi Hennig (1913-1976)

Analyze the effects of demand curves on firm behavior in monopolistic competition.
Distinguish between the short-term and long-term equilibrium outcomes in monopolistic competition.
Evaluate the role and outcomes of economic profits in monopolistic competition.
Understand the basic concepts of monopolistic competition, including how firms compete on price and non-price factors.

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