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Open questions: 1. How can a consumer s relative strength of preferences be inferred? 2. The individual seller confronts the following demand curve. Using the

Open questions:

1. How can a consumer s relative strength of preferences be inferred?

2. The individual seller confronts the following demand curve. Using the exhibit, characterize the market structure.

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Revenue TR Qo Quantity of Output Revenue, Price P = AR - Demand Qo Q1 Quantity of Output MR

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