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1. Firms in monopolistic competition can acquire some market power by:
A. using price competition.
B. increasing their output to the perfectly competitive level.
C. differentiating the product.
D. engaging in tacit collusion.
2. The model of monopolistic competition characterizes a city's market for plumbing services. Suppose that the market is initially in long-run equilibrium, and then demand for plumbing services increases. In the short run, plumbing services' price will _____ and output will _____.
A. not change; not change
B. rise; rise
C. rise; fall
D. fall; fall
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If the price of A rises to 4 while other prices and Daniel's budget remain unchanged, how much or each does he purchase in equilibrium?
Find the equilibrium price (P), quantity (Q), and revenue in a market characterized by the following equations:
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It is a hot day also Bert is thirsty. Here is value he places on a bottle of water.
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