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pirex pirex
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6 years ago
Suppose a monopolistically competitive industry evolved into a perfectly competitive industry. Which of the following statements is correct?
A) The industry would produce more output and charge a lower price after the change.
B) The industry would produce at decreasing returns to scale.
C) Elasticity of demand for the firm's product would remain the same after this change occurred.
D) This industry would produce the same level of output at lower prices in the long run than before the change.
Textbook 
Microeconomics

Microeconomics


Edition: 6th
Author:
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And if you call, I will answer
And if you fall, I'll pick you up
And if you court this disaster
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LBCeaLBCea
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#1
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pirex Author
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6 years ago
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