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3. Suppose the demand curve for a monopolistic competitor becomes steeper, but its average total costs do not change. Which of the following is likely

3. Suppose the demand curve for a monopolistic competitor becomes steeper, but its average total costs do not change. Which of the following is likely to be an effect?

a. The firm will no longer equate MR and MC. b. Excess capacity will increase. c. The firm will incur a loss. d. The firm will no longer be able to maximize profit.

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