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Consider the market for cigarettes. Suppose that the tobacco industry [i.e. the big tobacco companies] conducts research on the health benefits of smoking, and to
Consider the market for cigarettes. Suppose that the tobacco industry [i.e. the big tobacco companies] conducts research on the health benefits of smoking, and to their surprise they find that smoking actually causes cancer. a. Using a generic model of supply and demand, illustrate and discuss how the market for cigarettes would likely be affected ifthis information became widely available. b. Would the tobacco industry want to conceal or reveal that information? Explain your
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