Tuesday

July 22, 2014

July 22, 2014

Posted by **leanna** on Monday, November 6, 2006 at 12:02am.

While your statement is generally true, it is not always true.

The producer of a new product MAY enjoy some monopoly power for a time. Makers of an existing product are, by definition, in competition with someone else.

Now then your statement is not always true. What if the firm discovers a low-cost way of producing an existing product. The potential for profit could be quite large.

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