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a). Relative to managers in more monopolistic industries, are managers in more competitive industries more likely...

a). Relative to managers in more monopolistic industries, are managers in more competitive industries more likely to spend their time on reducing costs or on pricing strategies? b). Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? c). Describe an important difference(s) in the way an economist and a businessperson might view a monopoly.

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