Mc curves pre and post innovation

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Reference no: EM135841

Q. If one draws MC curves pre and post innovation as well as the Marginal Revenue line for a monopoly and the MR in a competitive situation (where MR = P), one can see that in the competitive situation, the potential profits are greater for the firm. This suggests that in a competitive market, firms are more likely to adopt innovative techniques, which is a classic argument against monopolies.

Reference no: EM135841

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