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Unformatted text preview: profit/loss for the price discriminating monopolist in this scenario. 3. Be able to give a brief historical background for the development of the Antitrust Law. What did the Sherman Act and the Clayton Act outlaw? 4. Define a monopolistically competitive industry and give examples of such industries. 5. Be ready to provide arguments for and against product differentiation and advertising. 6. Graph and describe the short run equilibrium for the monopolistically competitive firm. 7. Graph and describe the long run equilibrium for the monopolistically competitive firm. 8. Be able to describe what happens as the monopolistically competitive firm moves from the short run equilibrium to the long run equilibrium....
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This note was uploaded on 02/01/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at Wisconsin.
- Spring '07