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As new firms enter a monopolistically competitive industry, the demand curve facing each existing ...

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As new firms enter a monopolistically competitive industry, the demand curve facing each existing ...

As new firms enter a monopolistically competitive industry, the demand curve facing each existing firm will
A) not be affected because the new firms do not produce a perfect substitute for its product.
B) shift to the left and become more elastic because there are now more substitutes for its product.
C) shift to the left and become less elastic because there are now more substitutes for its product.
D) shift to the left, but the elasticity of demand will not be affected.

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7 years ago

Thank you, thank you, thank you!

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