Answer the question on the basis of the following demand and cost data for a specific firm: $\begin{array}{c}
\underline{\text { Demand Data}}\quad\quad\quad\quad\quad\underline{\text { Cost Data}} \
\begin{array}{c}
\text { (1) }\
\underline{\text { Price } }\
\$ 11.00 \
9.99 \
9.00 \
8.00 \
7.10 \
6.00 \
5.15
\end{array}
\begin{array}{c}
\text { (2)}\
\underline{\text { Price}}\
\$ 10.00 \
8.85\
8.00\
7.00\
6.10\
5.00\
4.15
\end{array}
\begin{array}{c}
\text { (3)}\
\underline{\text { Quantity}}\
6 \
7 \
8 \
9 \
10 \
11 \
12
\end{array}
\begin{array}{c}
\
\underline{\text { Output }} \
6 \
7 \
8 \
9 \
10 \
11 \
12
\end{array}
\begin{array}{c}
\text { Total}\
\underline{\text { Cost}} \
\$ 61 \
62 \
64 \
67 \
72 \
79 \
86
\end{array}
\end{array}$

Refer to the data.Suppose that entry into this industry changes this firm's demand schedule from columns (1)and (3)shown to columns (2)and (3).We can conclude that this industry is:

Question

Answer the question on the basis of the following demand and cost data for a specific firm: $\begin{array}{c}
\underline{\text { Demand Data}}\quad\quad\quad\quad\quad\underline{\text { Cost Data}} \
\begin{array}{c}
\text { (1) }\
\underline{\text { Price } }\
 \$ 11.00 \
9.99 \
9.00 \
8.00 \
7.10 \
6.00 \
5.15
\end{array}
\begin{array}{c}
\text { (2)}\
\underline{\text { Price}}\
\$ 10.00 \
8.85\
8.00\
7.00\
6.10\
5.00\
4.15
\end{array}
\begin{array}{c}
\text { (3)}\
\underline{\text { Quantity}}\
6 \
7 \
8 \
9 \
10 \
11 \
12
\end{array}
\begin{array}{c}
\
\underline{\text { Output }} \
6 \
7 \
8 \
9 \
10 \
11 \
12 
\end{array}
\begin{array}{c}
\text { Total}\
\underline{\text { Cost}} \
 \$ 61 \
62 \
64 \
67 \
72 \
79 \
86
\end{array}
\end{array}$

Refer to the data.Suppose that entry into this industry changes this firm's demand schedule from columns (1)and (3)shown to columns (2)and (3).We can conclude that this industry is:

Quizplus · Accepted Answer

The change in demand schedule from (1) and (3) to (2) and (3) suggests that there are substitutes available in the market and the firm has some degree of market power to differentiate its product. This indicates a monopolistically competitive market structure.

Answer the Question on the Basis of the Following Demand