Question: What are the differences between the long-run equilibrium of a perfectly competitive firm and the long-run equilibrium of a monopolistically competitive firm? Which market is

What are the differences between the long-run equilibrium of a perfectly competitive firm and the long-run equilibrium of a monopolistically competitive firm? Which market is more efficient? Why? Why is a monopolistically competitive firm not productively efficient? Why is a monopolistically competitive firm not allocatively efficient? Explain with graphs. (7

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