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Principles of Microeconomics (Econ 2600)Lakeland Community CollegeDr. Hyojin JeongHomework Assignment 5 Suggested AnswersI. Chapter 11 Questions & Problems: 1, 4, 5, 8 (p327) 1.What, if anything, do all firms in all four market structures have in common?4.Will there be profits in the long run in a monopolistic competitive market? Explain your answer.5.Would you expect cartel formation to be more likely in industries comprised of a few firms or in those that include many firms? Explain your answer.