Economists may hold many different views about the economy but on this they all agree: That price is always lower in a perfectly competitive market than in a monopoly market.
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Q23: In competitive industries, firms that innovate can
Q24: The MR = MC rule for profit
Q25: A perfectly competitive firm's long-run supply curve
Q26: Entry of new firms into a market
Q28: According to economist Joseph Schumpeter, technological advance
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