4. Short-run equilibrium of the firm under monopolistic competition £ Q O Q s P s AC s AR D MC AC MR
5.
6.
7. Long-run equilibrium of the firm under monopolistic competition £ Q O Q L P L AR L D L MR L LRAC LRMC
8.
9. Long run equilibrium of the firm under perfect and monopolistic competition fig Q 2 £ Q O P 1 LRAC D L under monopolistic competition Q 1 P 2 D L under perfect competition