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Marginal revenue curve & profit maximizing price

A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic. What will happen to the second firm's marginal revenue curve and to its profit maximizing price?

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When the new competitor enters the market, he will have the ability to make the prices lower than the competitor (as there is always a dead loss in ...

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