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Suppose coffee is sold in a monopolistically competitive market, where coffee is differentiated by ...

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Suppose coffee is sold in a monopolistically competitive market, where coffee is differentiated by ...

Suppose coffee is sold in a monopolistically competitive market, where coffee is differentiated by coffee shop location. As firms enter in the long run and the price of coffee falls
A) the profits of individual coffee shops increase.
B) the market quantity of coffee demanded will decrease as does the quantity supplied from any individual coffee shop.
C) the market quantity of coffee demanded will increase, but the quantity of coffee supplied by any individual coffee shop declines.
D) the average costs of production decline.

Textbook

Survey of Economics: Principles, Applications and Tools

Edition: 6^th

Authors: O'Sullivan, Sheffrin, Perez

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