Question: Question 2 ( 3 points graphical analysis and 3 points for written explanation ) : Use graphical analysis to illustrate how a competitive fringe induces

Question

2 (3

points graphical analysis and

3

points for written explanation

)

: Use graphical analysis to illustrate how a competitive fringe induces a dominant firm to exercise some restraint in price setting. Please keep in mind that you must explain your graph in words as well as the effects. For full credit you must also identify the axes and label all the lines and points.

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