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ECON 545 Week 3 | DQ: Market Structure And Profit Maximization

Week 3: Discussion Question Most firms and businesses in our economy operate under monopolistic competition, and product differentiation in this market type is one of the main factors that lead to price differentiation. In addition, and because prices affect quantity demanded inversely (higher prices lead to lower quantity demanded, and lower prices lead to higher quantity demanded), marginal revenue (the additional revenue obtained from producing and selling an additional unit of output) wil..

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