How does this video characterize the monopolistically competitive market, and what industry is being illustrated as an example?

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  1. Under this type of market structure, can firms enter or leave the industry? Provide the discussions based on the explanation of video. Answer this using at least 100 words.
  2.  After you watch video, explain how a monopolistically competitive firm would choose the profit-maximizing price and quantity using at least 100 words.
  3. What does this video tell about the difference between perfect competition and monopolistically competitive market? Answer this using at least 150 words.

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