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Q. Suppose you have two goods, ice cream and Kraft Macaroni and cheese (an inferior good to most people). Show graphically what happens when 1) the price of the ice cream decreases and 2) your income increases.

Q. Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. Explain how would you describe this industry?

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