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Suppose I operate in a monopoly environment and I set my price in order to achieve maximum profits. Is my demand elastic, unitary elastic, or
Suppose I operate in a monopoly environment and I set my price in order to achieve maximum profits. Is my demand elastic, unitary elastic, or inelastic?
Does my answer change if I were in a monopolistic market?
What happens to the elasticity when I go from a monopolistic market to a monopolistically competitive one?
Explain and give an example.
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