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Q. Firms wanted to increase output in order to spread fixed costs and lower average costs, but they also had to sell output 17. Use a single graph to illustrate and compare output and price within (1) a perfectly competitive market and (2) a monopoly market. Price higher in monopoly market. Bigger quantity in perfect competition. How can a firm gain by reducing competition?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9307466

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