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Suppose, you operate in a monopoly environment and you set my price in order to achieve maximum profits

Marketing

Suppose, you operate in a monopoly environment and you set my price in order to achieve maximum profits.

a. Is my demand elastic, unitary elastic, or inelastic?

b. Does your answer change if you were in a monopolistic market?

c. What happens to the elasticity when you go from a monopolistic market to a monopolistically competitive one?

Explain and give an example.

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