Change: become more elastic because there are more substitutes6) Notice that afterAfter adjustingadjussting price and demand, you should know that the firm loses its economic profit.Conclusion: in a monopolistic competitive industry, firms will, in the long run,earn a normal profit.   View changes from previous version. (Word count: 119)

Change: enter.enter. Because a monopolistic competitive industry has low barrier of entry, eventually, the firm will only earn a normal profit in the future5) Demand of the firm will shift to the left and become more elastic because there are more substitutes6) Notice that   View changes from previous version. (Word count: 129)

Change: There were only format changes (bold, italics, etc.) in this version. See this version for details. (Word count: 0)