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3a. Explain what happens if you become a Price Taker and how your jewelry store is impacted. 3b. Explain what happens if you become engaged

3a. Explain what happens if you become a Price Taker and how your jewelry store is impacted.

3b. Explain what happens if you become engaged in monopolistic competition.

NOTE: FOR BOTH PARTS "3" AND "4," YOU NEED TO ILLUSTRATE A PERFECTLY COMPETITIVE AND MONOPOLISTIC COMPETITION MODEL

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