How does monopolistic competition differ from pure competition in its basic characteristics? How does it differ from pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit.
Note: Answer should be minimum of 300 words excluding references. Responses are original in content and with minimum of one external reference. Reference are used properly and cited properly.
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