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Business, 25.08.2019 01:50 gigi813

5. monopoly outcome versus competition outcome consider the daily market for hot dogs in a small city. suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. therefore, each vendor is a price taker and possesses no market power. the following graph shows the demand (d) and supply curves (s = mc) in the market for hot dogs.

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