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Compared to the profit-maximizing equilibrium in a perfectly competitive industry, when a sole supplier takes over the industry the result is that: Multiple Choice output
Compared to the profit-maximizing equilibrium in a perfectly competitive industry, when a sole supplier takes over the industry the result is that:
Multiple Choice
- output decreases and price decreases
- output increases and price decreases
- output decreases and price increases
- output decreases and price remains constant
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