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4. How do the following events affect a monopoly firm's price and output? How will it affect the firm's profits? a. an increase in labor

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4. How do the following events affect a monopoly firm's price and output? How will it affect the firm's profits? a. an increase in labor costs in the market in which the firm operates b. the firm's Chief Executive Officer & other directors persuades the Board to increase their annual salary c. demand for the firm's product falls

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