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Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will: (Points : 1) reduce the excess capacity in the industry as firms expand
production attract other firms to enter the industry because the barriers to entry are low cause firms to standardize their product to limit the degree of competition make the industry allocatively efficient as each firm seeks to maintain its profits
cause firms to standardize their product to limit the degree of competition
Expert answered|peanut213|Points 240|
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Asked 9/9/2012 2:16:06 PM
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