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A small island economy has a single state-run airport which is served by a single state-run airline. Use an appropriate diagram to analyze the effects

A small island economy has a single state-run airport which is served by a single state-run airline. Use an appropriate diagram to analyze the effects on the market equilibrium price and quantity traded for air travel following the entry into the market of a low-cost or 'budget' airline providing a rival service to the state-run airline.

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