Use Figure 17.2, which shows the demand curve, marginal revenue curve, and cost curves of Stiff Shirt,
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Use Figure 17.2, which shows the demand curve, marginal revenue curve, and cost curves of Stiff Shirt, Inc., a producer of shirts in monopolistic competition, to work Problems 6 and 7.
In the long run, will new firms enter the shirt market or will firms exit from that market and will the price of a shirt rise or fall? Explain your answer.
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