If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then:
If a monopoly firm suddenly lost its barriers to entry and faced new
competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then:
the industry has probably become perfectly competitive.
long-run profit for this firm will likely exist.
the industry has probably become a monopolistically competitive industry.
the industry is probably cooperating to maximize joint profits.
the industry has probably become a monopoly.
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