A new competitor enters the industry and competes with a second firm, which had been a monopolist.

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A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that although demand is not perfectly elastic, it is now more elastic. What will happen to the second firm's marginal revenue curve and to its profit-maximizing price?
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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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