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    Monopoly and Monopolistic Competition

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    Supply and demand conditions in this competitive service market in New York are:

    QS = 2P â?" 20 (Supply)

    QD = 80 - 2P (Demand)

    Where Q is thousands of hours of floor reconditioning per month, and P is the price per hour.

    A. Algebraically determine the market equilibrium price and output combination

    B. Use a graph to confirm your answer.

    For the graph, use price (P) values of 10, 20, 30, 40, and 50 to determine quantities demanded and quantities supplied

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    Solution Summary

    Monopoly and monopolistic competition are examined for a competitive service marketing in New York.