Ardenia is a small, open economy. its market for breakfast cereals can be considered competitive, with many producers and limited product differentiation. at the current market price of $10, a representative firm supplies 1,000 twenty-ounce packs of cereals per month. this allows the firm to earn $1,500 in economic profits. when the demand for cereals increased and the price went up to $10.5 per twenty-ounce pack, an industry analyst claimed that this would ensure a higher market share for each existing producer. this conclusion is flawed because:
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Ardenia is a small, open economy. its market for breakfast cereals can be considered competitive, wi...
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