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Which of the following is the most likely consequence of thefirm's ability to exercise market...

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Economics

Which of the following is the most likely consequence of thefirm's ability to exercise market power? the firm will produce lessthan the competitive market output, etting a price above marginalcost, leading to a reduction in total surplus and a deadweight lossthe firm will always produce at the socially optimal quantity,maximizing consumer surplus and total welfare the firm will face nobarriers to entry, and thus, will be forced to lower prices to thecompetitive level the firm will produce a quantity of outputgreater than the competitive market outcome, resulting in a pricelower than the competitive price

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