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Joe's Yoga is the only yoga studio in a small town, selling classes at high prices and earning above-average profit. Now a new competing yoga

Joe's Yoga is the only yoga studio in a small town, selling classes at high prices and earning above-average profit. Now a new competing yoga studio opens up across the street, offering its own different styles of yoga classes. With the competing yoga studio now open, which of the following statements is true? Group of answer choices Price is equal to Marginal Revenue There is deadweight loss in the market Both firms will set MC = AC Average cost is now minimized

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