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Refer to the Provided Graph for an Industry

Question 308

Multiple Choice

Refer to the provided graph for an industry. If the industry was initially a monopoly, but the monopolist was broken up into a large number of small, purely competitive firms and production cost-curves remained unchanged, then market price and industry output would be A) P₃ and Q₁. B) P₁ and Q₃. C) P₂ and Q₂. D) P₁ and Q₁. Refer to the provided graph for an industry. If the industry was initially a monopoly, but the monopolist was broken up into a large number of small, purely competitive firms and production cost-curves remained unchanged, then market price and industry output would be


A) P₃ and Q₁.
B) P₁ and Q₃.
C) P₂ and Q₂.
D) P₁ and Q₁.

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