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You manage pricing at Parker Parts, a small industrial parts manufacturer that competes with other similar manufacturers. Markets for all your products are Monopolistically Competitive.
You manage pricing at Parker Parts, a small industrial parts manufacturer that competes with other similar manufacturers. Markets for all your products are Monopolistically Competitive. Given your competitors' current prices, the demand for your product number What do you expect to happen to your profit maximizing price in the long run? What do you expect to happen to your maximum total profits in the long run? Briefly explain, incorporating the concept of the price elasticity of demand for your product
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