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(i) Examine, with the aid of a diagram, the effect on the price and output of a perfectly competitive industry if it becomes a monopoly

(i) Examine, with the aid of a diagram, the effect on the price and output of a perfectly competitive industry if it becomes a monopoly industry with an unchanged cost

(ii) If we allow the monopoly industry to have lower marginal costs than the perfectly competitive industry might this affect the qualitative results obtained in part (i)?

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