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Symmetry Assumption - Before we proceed with equilibrium...

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Symmetry Assumption: Any adjustment made in the price or the product by an individual firm spreads its influence over a large number of competitors. The impact of such adjustments is significant. The net effect of these two assumptions is on the demand curve of a product differentiating firm.
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Unformatted text preview: Before we proceed with equilibrium analysis let us summarize the monopolistic and competitive elements in this market. Chamberlin has called this market one of monopolistic competition because of the blending of the features of both competition and monopoly....
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