If a competing firm is able to overcome an entry barrier of a monopolized industry,the demand curve of the single firm already in the industry will

Name: If a competing firm is able to overcome an entry barrier of a monopolized industry,the demand curve of the single firm already in the industry will
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

When a new firm enters a monopolized industry, the demand curve for the existing firm shifts to the left due to reduced market share and becomes more elastic as consumers now have more alternatives.

If a Competing Firm Is Able to Overcome an Entry