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Firm X is a single seller of good X. There are, however, two substitutes for good X. Given this,

fruits

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Firm X is a single seller of good X. There are, however, two substitutes for good X. Given this,

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firm X cannot be a monopolist because the theory of monopoly assumes there are no substitutes for the good the single seller sells.

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firm X may be a monopolist because the two substitutes may be close substitutes.

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firm X cannot be a monopolist because if substitutes exist for the good it produces, its demand curve is horizontal but monopolists face downward-sloping demand curves.

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none of the above

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Economics

Edition: 12^th

Author: Arnold

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JulzMarie

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More solutions for this book are available here

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fruits Author

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6 months ago

Thanks for your help!!

Smair87

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Correct

kh540941

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this is exactly what I needed

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