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Suppose there are two firms, ITC and a small firm, both producing packaged whole wheat flour. a. Are they price setters or price takers? b.

Suppose there are two firms, ITC and a small firm, both producing packaged whole wheat flour.

a. Are they price setters or price takers?

b. What is the optimal output and price for both firms in the short run?

c. Can these firms earn economic profits in the long run?

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