Microeconomics - Milestone 3 (29)

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101

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Economics

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Nov 24, 2024

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CONCEPT → Imperfect Markets: Monopolistic Competition 7 RATIONALE Firms in monopolistic competition are price setters because their products are similar, but not identical. Firms have some power over price because their products can be differentiated from competitors’ products. Report an issue with this question A nation decides to encourage the immigration of high-tech workers by removing immigration restrictions. What will happen to the supply of labor and the wage in this market? ● ● have no close substitutes ● have only a couple of close substitutes are similar, but not identical ● are identical ● The supply of labor will decrease, and the wage will increase. UNIT 3 — MILESTONE 3 25/25
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