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How would a firm in the monopolistically competitive T-shirt industry view its pricing decisions? The firm would engage in tacit collusion with its competitors to
How would a firm in the monopolistically competitive T-shirt industry view its pricing decisions? The firm would engage in tacit collusion with its competitors to establish a cartel price. The firm would charge a monopoly price, knowing that there are no close substitutes for its product. The firm would charge exactly the same price as its competitors. The firm would choose a price in recognition of the fact that there are many close substitutes for its product
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