Question: Question 4 (a) Why does a typical monopolistically competitive firm face a downward-sloping demarldcurve? [3 marks) (b) What is meant by the term 'excess capacity

Question 4 (a) Why does a typical monopolistically competitive firm face a downward-sloping demarldcurve? [3 marks) (b) What is meant by the term 'excess capacity as it relates to monopolistically competitive firms? 17 marks

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