Refer to the provided graph for an industry- If the industry was initi.docx

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Refer to the provided graph for an industry. If the industry was initially a monopoly, but the monopolist was broken up into a large number of small, purely competitive firms and production cost-curves remained unchanged, then market price and industry output would be P 1 and Q 1 . P 1 and Q 3 . P 2 and Q 2 . P 1 and Q 1 . .

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