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Suppose the candy bar industry approximates a perfectly competitive industry. Suppose also that a single firm buys all the assets of the candy bar firms

Suppose the candy bar industry approximates a perfectly competitive industry. Suppose also that a single firm buys all the assets of the candy bar firms and establishes a monopoly. Contrast these two market structures with respect to price, output, and allocation of resources. Draw a graph of the market demand and market supply for candy bars before and after the takeover.

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