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When a new firm enters into a monopolistically competitive industry, what happens to a typical firm that is already in the industry? a. Its demand

When a new firm enters into a monopolistically competitive industry, what happens to a typical firm that is already in the industry?

a. Its demand curve shifts to the left and it may become more or less elastic

b. Its demand curve shifts to the right and likely becomes steeper

c. Its demand curve shifts to the right and likely becomes flatter

d. Its demand curve shifts to the left and it must become less elastic

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