What triggers entry in a competitive market? Describe the process that ends further entry. What is the
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- What triggers entry in a competitive market? Describe the process that ends further entry.
- What is the lowest price at which a firm produces an output in short-run in a competitive market? Explain why.
- China produces smartphones, and hundreds of millions of Chinese have bought one. With intense competition among more than 150 brands, China's smartphone producers are looking to capture the Indian market. (Source:The New York Times, May 12, 2015
A) Explain the effects of the increase in Indian demand for smartphones on the market for smartphones and on an
individual smartphone producer in the short run.
B)Draw a graph to illustrate your explanation in part (a)
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