Problem
1. Compare the monopolistically competitive firm's demand curve to those of a perfect competitor and a monopolist.
2. Suppose the minimum point on the LRAC curve of a soft-drink firm's cola is $1 per liter. Under conditions of monopolistic competition, will the price of a liter bottle of cola in the long run be above $1, equal to $1, less than $1, or impossible to determine?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.