Imagine that in a certain industry (choose any) monopolistic competition is replaced by monopoly.   a.       As a result of what can this happen? Describe a possible scenario. b.      Using demand, marginal cost, and marginal revenue graphs, show how this decrease in competition will change market prices. Make appropriate comments on the graphs, paying special attention to the direction of changes. c.       Describe what changes may occur in the methods of competition if the firm becomes a monopoly

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