[Solved] ( A)Draw the diagram of a monopolistically competitive firm which makes positive economic profits and one which is in long-run equilibrium.In each case,identify the area that represents the profit earned by the firm in the short run and the long run. Existential Import: the implication that something exists, commonly discussed in the context of categorical statements or propositions in logic. Traditional View: A perspective or approach that is rooted in long-standing practices, beliefs, or theories, often contrasted with more modern or innovative viewpoints. Existential Import: The notion in logic that a statement implies the existence of the subject it mentions. Syllogism Validity: The property of a syllogism where the conclusion logically follows from the premises; if the premises are true, the conclusion must be true.

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question 66

Essay

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A)Draw the diagram of a monopolistically competitive firm which makes positive economic profits and one which is in long-run equilibrium.In each case,identify the area that represents the profit earned by the firm in the short run and the long run.

Definitions:

Existential Import

the implication that something exists, commonly discussed in the context of categorical statements or propositions in logic.

Traditional View

A perspective or approach that is rooted in long-standing practices, beliefs, or theories, often contrasted with more modern or innovative viewpoints.

Existential Import

The notion in logic that a statement implies the existence of the subject it mentions.

Syllogism Validity

The property of a syllogism where the conclusion logically follows from the premises; if the premises are true, the conclusion must be true.