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Model of monopolistic competition

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Suppose that you are running a grocery store and you have learn that a very popular national grocery chain is about to open in your town a few miles away. Use the model of monopolistic competition to analyze the impact of new store on quantity of output your store should produce and price your store should charge. Explain that how opening of this store may effect your business. Be sure to address what happens to your customers, supply, demand and prices. What will happen to your prices show graphically and explain your reasoning in detail.

Reference no: EM132559502

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