A new TV and film internet-only streaming service has just launched called FabFlix. Executives behind this launch are hoping to brand it as the number one choice for home streaming. Answer the following questions True or False and explain your answer with a single sentence. Compared to perfect competition, this industry would be characterized with: i. Higher prices ii. Higer output iii. Greater price elasticity iv. Higher concentration v. Greater product differentiation

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A: Q1 = 20 - P1 + P2 and Q2 = 20 + P1 - P2

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A:

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